Minister Haim Katz.
Photo: Gil Yohanan
Minister Haim Katz suspected of insider trading
Minister of Welfare and Social Services is suspected of colluding with financial advisor Moti Ben-Ari, purchasing stocks of real estate company Nitsba using inside information of an upcoming merger with Airport City Ltd. The two made a reported profit of NIS 290,000 off the purchase.
Minister of Welfare and Social Services Haim Katz, whose net worth is estimated to be in the tens of millions of Shekels, is now being investigated for insider trading.
The Israel Securities Authority (ISA) interrogated Katz and financial consultant Moti Ben-Ari, on suspicion that the two bought shares of real estate company Nitsba based on insider information of a merger that it was about to make with Airport City Ltd. Ben-Ari has been working with the two companies since 1999.
Minister of Welfare Haim Katz. (Photo: Gil Yohanan)
Ben-Ari allegedly told Katz, with whom he has social and business ties, about the merger before it went public, and Katz allegedly bought Nitsba stock following the tip. The two are suspected of using this information to take in a profit of about NIS 290,000. Ben-Ari's bail was set at NIS 1 million.
Minister Katz's associates responded to the suspicions against him on Tuesday, saying that they are "certain that the picture will be clarified for the better in the coming days." They further said that Katz has not hired a lawyer yet, and that he believes in his innocence and has cooperated fully with the investigators.
