The investment house reports that the search was in connection with suspicions of insider trading, but that the company itself is not involved.
Group Psagot for Finance and Investments Ltd. (TASE: GPST) notified the Tel Aviv Stock Exchange this morning that investigators of the Israel Securities Authority carried out a search at the company’s offices yesterday. According to the report, the search was part of an investigation of company officers in connection with suspicions of the use of insider information. Psagot added that at this stage, as far as the company knew, there was no suspicion of illegal activity by the company itself.
Psagot’s mutual funds and portfolio management business was bought last year by Rani Zim and a group of partners.
The current investigation may be connected to press reports of talks on the sale of part of the investment house’s business. Psagot stated at the time that the company “is conducting talks with a third party in connection with a potential agreement relating to the investment’s house’s business.”
Last week, the company rejected an offer from insurance company The Phoenix Holdings for the entire mutual funds and portfolio management business of Psagot Investment House that valued the business at NIS 480-550 million. Psagot said that the offer had been made before an initial economic examination of the business in question. The offer was rejected by the company on strategic, commercial, and regulatory grounds. The sides are now negotiating on a deal in a different format.
Published by Globes, Israel business news – en.globes.co.il – on January 11, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
Psagot House, 14 Ahad Ha’am Street, Tel Aviv credit: Eyal Izhar
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