| Revision as of 14:11, 3 September 2014 editAcad Ronin (talk | contribs)Autopatrolled, Extended confirmed users, Pending changes reviewers, Rollbackers139,979 editsNo edit summary← Previous edit | Revision as of 14:11, 3 September 2014 edit undoAcad Ronin (talk | contribs)Autopatrolled, Extended confirmed users, Pending changes reviewers, Rollbackers139,979 edits →References: Why 2006? The bank failed in 1974.Next edit → | ||
| Line 13: | Line 13: | ||
| ] | ] | ||
| ] | ] | ||
| ] | |||
| ] | |||
Revision as of 14:11, 3 September 2014
Israel-British Bank was a bank founded on 21 October 1929 by Polish Jewish immigrants to Mandate Palestine as Immigrants Bank Palestine-Poland. The bank changed its name to Bank Haolim Erez-Israel-Polania on 20 April 1937. Nahum Zeev Williams purchased it in 1938 and on his death the bank passed into the hands of a group headed by his family, associated with the Mizrachi movement.
On 6 April 1945 the bank changed its name to Palestine-British Bank. By 1961 it had branches in Tel Aviv, Jerusalem, Haifa, Nathanya, Jaffa, and London. On 1 August 1965 it became the Israeli-British Bank. On 1 October 1968 the London branch became a newly formed subsidiary under the title of Israel-British Bank (London).
In July 1974 the bank collapsed, owing British investors £46.6 million. Yehoshua Ben-Zion, the managing director of Israel-British Bank was convicted of embezzling £20 million ($39.4 million) from the bank. He was sentenced to 12 years in prison. After urging of the Israeli prime minister Menachem Begin in 1977, Ben-Zion was pardoned by the Israeli president Ephraim Katzir, on medical grounds. He was released after serving three years. He proceeded to live at least another 20 years, during which time he never paid the £40 million fine the court had assessed.
References
- Sedan, Gil. Bank scandal hits Israel. 11 July 1974.
- Langer, Felicia (1974) With my own eyes. Israel and the Occupied Territories 1967-1973. Ithaca Press. ISBN 0-903729-10-5. Page 126.
- Israel Yearbook on Human Rights 1979, Volume 9; Volume 1979 By Yoram Dinstein, p. 2011
- Justice in Israel: a study of the Israeli judiciary, p. 241
- Jacob, Jonathon (1999) Israel: A Divided Promised Land. (Janus Publishing), ISBN 9781857564662 ; p.81.
  | This bank and insurance-related article is a stub. You can help Misplaced Pages by expanding it. |