Category: Mizrahi Tefahot Bank Ltd.

United States: Global Tax Enforcement in 2016: What You Need To Know

The investigation and prosecution of tax evasion has, in the last decade, grown from a specialized subcategory of law enforcement into a first-tier policy concern for the global community. Starting with the U.S. government’s crackdown on Swiss bank UBS in 2008, there has been a steady drumbeat of news about… – Continue reading

Leumi to Reclaim Bonuses From Executives After U.S. Tax Fine

An independent panel appointed by Bank Leumi Le-Israel Ltd. recommended that a former chairman and chief executive officer both return bonuses after the lender agreed to pay a fine to U.S. authorities in a tax probe. An insurer for the former bank officials will pay an additional $92 million. Leumi,… – Continue reading

Leumi Asked to Consider Bonus Clawbacks After U.S. Tax Fine

The Bank of Israel asked Bank Leumi Le-Israel Ltd. to set up an independent committee to examine management performance and bonuses after the lender agreed in December to pay a fine to U.S. authorities in a tax probe. Leumi, Israel’s second-largest lender, agreed the $400 million fine after a seven-year… – Continue reading

Israel Banking Watchdog Says Leumi Execs May Have to Return Bonuses

Regulator demands Bank Leumi investigate top management in wake of U.S. tax-evasion settlement. Bank Leumi should take back bonuses it paid three former senior executives after the lender was forced to pay a huge penalty to the United States for tax violations that occurred under their watch, Banks Supervisor David… – Continue reading

Israel regulator seeks bank provisions to cover possible tax settlements-Army radio

Feb 26 (Reuters) – Israel’s banking regulator has demanded that two of Israel’s largest banks set aside money to settle possible U.S. tax evasion investigations, Army Radio reported on Thursday. Citing an unnamed source, the radio said the request was made to Hapoalim, Israel’s largest bank, and Mizrahi Tefahot, the… – Continue reading

Ex-Mizrahi Octogenarian Banker Acquitted at Tax Trial

A retired senior vice president at Israeli-based Mizrahi Tefahot Bank Ltd. (MZTF) was acquitted in Los Angeles federal court on charges he helped U.S. customers conceal their assets from the Internal Revenue Service. Jurors deliberated four hours yesterday before clearing Shokrollah Baravarian, 82, of conspiring to defraud the U.S. and… – Continue reading