BREAKING NEWS

IEC pledges investigation into NIS 1.5b. shortfal

By GLOBES / AMIRAM BARKAT, ADRIAN FILUT

NOVEMBER 4, 2012 11:53

Israel Electric Corporation CEO Eli Glickman pledged to launch a transparent investigation into the disappearance of NIS 1.5 billion from the utility's accounts, speaking to Globes ahead of a board of directors' meeting on the issue Sunday.

"We'll investigate and leave no stone unturned. We'll report matters properly and will act transparently and credibly," Glickman told Globes, speaking about the NIS 1.5 billion cash flow shortfall, the discovery of which in September caused a schism between the Finance Ministry and the utility, and which jeopardizes its financial stability.

Glickman admitted that serious flaws were found in IEC's conduct, and he disclosed that he would ask the board of directors' approval to increase the amount of capital that the utility plans to raise in November, and to bring forward offerings planned for early 2013.

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