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Heftziba’s boss arrested in Milan

Heftsiba’s story is yet to emerge. It is not clear how Heftsiba’s top managers could expropriate so much money for the company failed in a booming real estate market. The role of Peace Now needs to be investigated. Peace Now forced freeze on Heftsiba’s major project in Modiin out of concern for poor Arab villagers nearby.
Almost every other large real estate developer in Israel follows Heftsiba’s model, and many borrow heavily through variable-rate instruments at Tel Aviv Stock Exchange, which make them extremely vulnerable to fluctuations of interest rate.
Bank of Israel promised to repay all customers of Heftsiba who paid through banks. The message is clear: imprudent customers can continue dealings with fraudulent companies; Israeli taxpayers will compensate them.

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Zello 16 May 2008

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