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Revision as of 13:04, 6 September 2011
Israel British Bank was a bank founded in the 1930s by Polish Jewish immigrants to Mandate Palestine as the Immigrant Bank. It was purchased in 1938 by Nahum Zeev Williams and on his death passed into the hands of a group headed by his family, associated with the Mizrachi movement.
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.
References
- Sedan, Gil. Bank scandal hits Israel. JULY 11, 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
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