Kahlon served as a Likud member of Knesset and minister for 10 years, and was credited with spearheading a popular program that deregulated the cellphone industry. He later formed the Kulanu party under his leadership and served as finance minister from 2015 to 2020. The plea deal does not prevent him from returning to politics.<\/p>\n
Kahlon\u2019s name has been linked in recent days to the formation of a new right-wing party<\/a> of former Likud ministers.<\/p>\n Unet, a non-banking credit services company, which provided loans and other financial services for its clients, was traded on the Tel Aviv Stock Exchange until its shares were frozen in the wake of the investigations.<\/p>\n \u201cThe conviction sends a clear message,\u201d the State Attorney\u2019s Office said.<\/p>\n \u201cThe law protects the interests of investors, and says that violating duties toward them entails liability and punishment,\u201d the statement added.<\/p>\n The State Attorney\u2019s Office alleged that the company\u2019s compliance officer, Yoav Tsabar, delayed reporting his findings regarding missing checks and \u201cirregularities\u201d to Kahlon until the beginning of 2022, and Kahlon subsequently instructed him not to disclose the findings to the board \u201cdue to concern of harming the company\u2019s credit rating.\u201d<\/p>\n According to the indictment, Kahlon instructed Tsabar \u201cto take action on the matter and told him that he would assist him in whatever way was necessary.\u201d<\/p>\n The indictment added that during a conversation on March 8, 2022, Kahlon asked Tsabar whether they should bring the matter to the board of directors. He later \u201cinstructed him not to rush with the report to the board of directors and to act cautiously,\u201d and the two deliberated about when would be the best time to inform the board.<\/p>\n \t By April and May 2022, after failing to reduce the branch\u2019s debts, Kahlon and Tzabar still hadn\u2019t reported the information to the board or the public. Prosecutors allege that they discussed how best to bring up the issue at a board meeting at the end of May as an update, and only then would a legal opinion be requested.<\/p>\n On May 29, 2022, Sabar reported that after in-depth examinations, deficiencies of NIS 22 million were discovered at the Nazareth branch, of which approximately NIS 10 million was uncollectible.<\/p>\n An external auditor was then appointed, and the company later reported discrepancies of NIS 5 million to NIS 7.6 million. A later report said the value of checks whose whereabouts remained unknown totaled NIS 10.6 million.<\/p>\n According to the indictment, the company\u2019s board of directors approved the 2021 financial statements without being informed of the missing funds from the Nazareth branch. Kahlon nevertheless signed the financial statements that were released to the public, without including the material details.<\/p>\n
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\n\t\tFinance Minister Moshe Kahlon speaks at a press conference at the PM\u2019s office in Jerusalem. November 11, 2020. (Olivier Fitoussi\/FLASH90)<\/p>\n
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