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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.
Tags: Civil Enforcement Unit, exports, Israel, legal, Rapaport News, Samuel-Rozenbaum
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