Foodstuff importer Neto M.E. Holdings (TASE: NTO) chairman David Ezra has been arrested on suspicion of smuggling cash totaling €475,000 abroad. Ezra was launched with restrictive disorders by the Jerusalem Magistrates Court, with the consent of the Israel Tax Authority.

The investigation versus Ezra is remaining executed by the Excise and VAT office environment in Jerusalem in cooperation with the excise inspectors in the passenger hall at Ben Gurion airport. Ezra is suspected of making an attempt to smuggle the revenue overseas.

According to the request to release Ezra from detention, throughout an examination by protection personnel of the Israel Airports Authority at Ben Gurion airport, through the Shavuot getaway, Ezra was caught before leaving the nation for Greece with €475,695 dollars in a suitcase that he experienced place into the hold of the plane on a flight to Greece.

Ezra was questioned this morning by the investigative unit, which reported, “Through questioning, he admitted that he understood of the obligation to declare using funds out of the state but he claimed that he did not declare the dollars due to the fact he did not know where by to declare it when leaving the country.” He additional that, “the funds was for shelling out setting up contractors who had worked on renovating a family vacation home that he had bought in Corfu, Greece.”

Questioned about the source of the funds that was used to buy overseas forex from moneychangers, Ezra claimed that he saved it up in excess of latest several years and withdrew cash from his non-public accounts.

In his ask for to be released Ezra explained that he did not know any facts about the moneychangers and did not current receipts or documents for acquiring the overseas currency.

Ezra is suspected of violating the Regulation for the Prohibition of Income Laundering and the VAT Law.

In the court proceedings for his release, Ezra’s legal professional Adv. Yoav Sananes said, “Mr. Ezra has served as chairman of Neto Group for much more than 40 years. All over that time period he has worked with integrity and there has been no blemish on his perform. He is absolutely cooperating with the authorities.”

Adv. Sananes extra, “It is crucial to strenuously make clear that the aforementioned dollars is revenue that Mr. Ezra has paid out tax on in accordance to the regulation and this is a technical offense and nothing additional.”

Choose Amir Shaked accepted the ask for of the Tax Authority and instructed Ezra’s launch beneath restrictive terms together with individual surety of NIS 500,000, 3rd celebration surety of NIS 100,000 and an purchase protecting against him from leaving Israel for 90 days.




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David Ezra amasses NIS 700m from Neto in a few several years







Ezra has accumulated capital of additional than NIS 700,000 in significantly less than three decades by selling shares and getting huge dividends from Neto, though he stays the controlling shareholder in the foods conglomerate.

Neto stated, “The allegations for which Mr. Ezra was questioned are not related to the company or his role in it. The business believes that there will be no influence on its business or routines.”

David Ezra reported, “The income was for payment of personal business that was performed overseas.”

Presumption of innocence: It must be stressed that David Ezra is only a suspect and no indictment has been filed towards him and he has the correct to be presumed innocent

Published by Globes, Israel business news – en.globes.co.il – on June 6, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.


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