Region: Israel

Shareholders take action against Leumi

Shareholders of Israel’s Bank Leumi are planning a class action over the bank’s 2012 announcement that it was allocating funds towards a possible US tax evasion settlement.

26 January 2015

Israeli authorities to investigate Bank Leumi’s tax dealings

Israel’s attorney general is to examine Bank Leumi’s tax dealings following the bank’s US$400 million settlement with US authorities for helping US nationals prepare false tax returns.

08 January 2015

Bank Leumi settles with US for US$400 million

As 2014 drew to a close, Israeli financial institution Bank Leumi managed to wrap up its long-running negotiations with US authorities, agreeing to pay US$400 million for helping US nationals prepare false tax returns.

05 January 2015

Israeli bank expecting US$355 million US tax evasion fine

Israeli bank Leumi may have to pay US$355 million to settle tax evasion charges brought by US authorities, according to reports. On Wednesday, Leumi’s chief legal advisor Hana Friedman reportedly told Israel’s parliamentary economics committee that the bank expects to pay the settlement by mid-January.

11 December 2014

Israeli bank nearing tax settlement

Israel-based Bank Leumi is reportedly nearing a US$400 million settlement with several US authorities over allegedly helping Americans evade taxes. While higher than the initial US$300 million settlement offer by the New York Department of Financial Services (DFS) that the bank “utterly rejected” in late October, Bloomberg reports that the new settlement would see the bank pay US$270 million to the US Department of Justice, and US$130 million to the DFS.

27 November 2014

Israel arrests UBS adviser in tax evasion investigation

Israel has arrested 14 people, including a senior UBS tax adviser, as part of a tax evasion probe, according to Reuters. The Israeli Tax Authority said on 5 November that it is investigating Israeli citizens who allegedly channelled hundreds of millions of euros into undisclosed UBS accounts.

06 November 2014

Israeli bank “utterly” rejects New York Department of Financial Services settlement

Counsel to Israel-based Bank Leumi has rejected a US$300 million settlement request from New York’s Department of Financial Services.

30 October 2014

Only four countries actively prosecuting bribery, Transparency International says

Only four out of 41 countries party to the OECD anti-bribery convention are actively prosecuting corrupt companies, says Transparency International. According to the organisation’s annual progress report on enforcement of the OECD anti-bribery convention released on 23 October, only Germany, France, the UK and the US are active, while Canada and New Zealand are the only countries to have improved since last year.

23 October 2014

Arab Bank and NatWest terrorism funding decisions announced on same day

A lawsuit against Arab Bank, which was found liable on 22 September for knowingly supporting terrorism, is “very different” from a terrorism financing lawsuit against NatWest, which was reinstated on the same day, says Gary Osen, lead plaintiff counsel in both cases.

23 September 2014

Arab Bank is "clean" says chairman

The chairman of Arab Bank, which is being sued by US victims of terrorism and their relatives, told jurors on 8 September that terrorism badly affects the financial institution’s business. According to reports Sabih Al-Masri said the bank’s operations were harmed by the second Palestinian Intifada, an uprising against Israeli occupation which began in 2000, in part because employees were unable to get to work due to road blocks and violence.

10 September 2014

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