chairman on suspicion of fraud

G Willi Food International

17/02/2016 21:57

JERUSALEM, Feb 17 (Reuters) - Israeli authorities on 
Wednesday arrested Gregory Gurtovoy, co-chairman of G. 
Willi-Food International Ltd.  WILC.O , on suspicion of fraud 
and money laundering, court papers showed. 
    Gurtovoy, controlling shareholder of the company, appeared 
at Tel Aviv Magistrates' Court and was ordered held in custody 
until Friday while Israel Securities Authority investigators 
continue to examine the company's affairs.  
    A court document said that an undercover investigation of 
the suspect had been going on, although the date of its start 
was not revealed, and it became public knowledge on Wednesday 
with Gurtovoy's appearance in court. 
    Gurtovoy is also managing partner of GHP Group, a private 
investment bank in Ukraine.  
    Willi-Food, whose main focus is the Israeli preserved food 
market, has a market value of $51.4 million and reported sales 
of $19.5 million in the third quarter of 2015. Its stock closed 
down 5.2 percent at $3.95 on Nasdaq on Wednesday. 
 
 (Writing by Ori Lewis; Editing by Mark Heinrich) 
 ((ori.lewis@thomsonreuters.com; +972-2-6322-202; Reuters 
Messaging: ori.lewis.reuters.com@reuters.net)) 
 
Keywords: ISRAEL WILLIFOOD/