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Israel’s PM Mr Netanyahu facing new probe related to steel company

Steel News - Published on Fri, 22 Mar 2019

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YNET News reported that sources in the State Prosecutor's Office believe that Israel’s Prime Minister Benjamin Netanyahu could be facing yet another criminal investigation, this time into the massive profits from shares in a Texas steel plant managed by a relative while it was performing poorly. According to the Israeli media, Netanyahu's shares in the SeaDrift factory quadrupled in value between 2007 and 2010, despite a poor performance by the plant.

Haaretz said that Netanyahu acquired SeaDrift shares worth some NIS 4 million (approx. USD 1.1 million) in 2007, when he was head of the opposition and Ehud Olmert was prime minister. Netanyahu sold his shares in the factory, which is managed by his cousin Nathan Milikowsky, on November 29, 2010 - approximately a year and a half after he was elected prime minister. According to Haaretz, he received at least NIS 16 million for the sale, roughly four times the value of the shares when he acquired them, despite a dramatic downturn in the performance of the company.

The State Prosecutor's Office is examining when Netanyahu received the shares and why, the Israeli TV reports said. Investigators suspect that the inflated value could be disguising a gift worth millions of shekels, Haaretz newspaper reported. Investigators also want to know why Netanyahu asked his personal lawyer and relative David Shimron for a loan in order to pay the taxes on the sale.

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Posted By : Rabi Wangkhem on Fri, 22 Mar 2019
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