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Israel Demands $1M from Diamond Firms for Breaching Terms of Grant
Jan 27, 2016 4:18 AM
By Rapaport News
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RAPAPORT... Israel’s Civil Enforcement Unit sued companies from the
Samuel-Rozenbaum group for approximately $1.3 million (NIS 5 million) for
allegedly breaching the terms of a public grant. The group includes various
diamond businesses.
The claim arose from a grant of
about $1 million given to the companies in the early 1990s to boost Israeli
diamond exports, according to a statement by the nation’s Economy Ministry on
January 25.
The companies fraudulently failed to pay
royalties they were required to give to the state, according to the claim filed
at the Jerusalem District Court on behalf of the ministry.
The defendants were demanded to pay back $1.1 million plus linkage
differentials, interest and legal expenses of $100,715, according to the
ministry.
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Tags:
Civil Enforcement Unit, exports, Israel, legal, Rapaport News, Samuel-Rozenbaum
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