Shlomo Eliahu failed to report bank transfers to and from Israel totaling NIS 92.5 million.
The Israel Tax Authority has fined Shlomo Eliahu NIS 2.8 million for failing to report 39 bank transfers to and from Israel totaling NIS 92.5 million. He admitted to failing to report 30 of these transfers.
The Tax Authority said that Eliahu provided legitimate explanations for transfers totaling NIS 13.5 million - gambling debts at a UK casino - but failed to provide adequate explanations for transfers totaling NIS 60 million, saying merely that the money was for personal use.
Shlomo Eliahu owns Eliahu Insurance Company and is part of the controlling core of Bank Leumi (TASE: LUMI). He is acquiring the controlling interest in Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL).
Altogether, the Tax Authority will collect NIS 3 million in 18 settlements with taxpayers during the second half of 2011, instead of criminal proceedings.
Published by Globes [online], Israel business news - www.globes-online.com - on June 3, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012