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May 26, 2019
, Bloomberg News
(Bloomberg) -- Shikun & Binui Ltd. and some of its executives should be prosecuted on suspicion they paid African officials millions of dollars in bribes for construction contracts, Israel Police and the Israel Securities Authority said Sunday.
Company shares fell 4.3% at one point Sunday, but recovered most losses and were down 0.7% as of 4:01 p.m. in Tel Aviv. Channel 13 TV reported the executives include Shari Arison, the company’s former owner and Israel’s richest woman. The securities authority declined to comment on the report. A spokeswoman for Arison Investments Ltd. declined to comment.
Investigators think there’s sufficient evidence to prosecute for crimes including bribing a foreign official, money laundering, and misreporting in company documents, the police and the securities authority said in a joint statement.
While police can recommend charges, it’s up to prosecutors to decide whether to indict. Evidence will be handed to prosecutors in coming days, the joint statement said.
Investigators suspect that in Kenya, the company paid tens of millions of shekels ($1=3.6026 shekel) in bribes between 2008 and 2016 to win contracts and benefits worth hundreds of millions of shekels, the statement said.
To contact the reporter on this story: Alisa Odenheimer in Jerusalem at aodenheimer@bloomberg.net
To contact the editors responsible for this story: Shaji Mathew at shajimathew@bloomberg.net, Amy Teibel, Michael S. Arnold
©2019 Bloomberg L.P.
