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Kobi Alexander released on bail
Ex-Comverse CEO jailed then released in Namibia, may be extradited to US. His lawyer claims businessman fled due to emotional distress
A Namibian court decided on Tuesday to release former Comverse CEO Kobi Alexander, at a bail of 10 million Namibian dollars (USD 1.3 million). The businessman is wanted by United States authorities for charges of money laundering.
Alexander will remain in Namibia prior to possible extradition to stand trial in the US, to be decided upon in the next 30 days.
Earlier Tuesday, Professor David Libai, former justice minister and current legal council to former Comverse CEO Kobi Alexander, described for the first time Monday night the series of events surrounding his client's stock scandal. Libai detailed his intended defense, in the event that Alexander is extradited.
"Kobi left the US and came to Israel with his family for a summer vacation. There was not a warrant for his arrest at that time and his freedom of movement was not restricted," Libai said.
"Contrary to various publications, Kobi is not an American citizen, only an Israel citizen, and, thus, he has no obligation to return to the United States upon being indicted," the professor explained.
"Kobi, earlier, said that he would return to the US at the end of the summer to stand trial, but was worried that, as an Israeli, he would not be released on bail prior to the trial, and debated whether he would be able to stand the harsh conditions he could expect in prison as an Israeli, and whether he could prepare a proper defense while in prison," he said.
Libai added that Alexander had not tried to hide in Namibia. He had gone by his own name, transferred funds, used the telephone, and was certain that the US government would find him, as, indeed, happened.
'Suffers from emotional distress'
Professor Libai explained Alexander's disappearance as the result of panic and depression. Alexander experienced a deep emotional crisis, said Libai, adding: "He had difficulty making a decision and operated secretly out of emotional distress, from which he suffers until today."
He added that "on one hand, Kobi wanted to return to the US and this is the reason that he left the majority of his money and possessions. On the other hand, he transferred millions to Israel to ensure the future of his family."
"Kobi can prove that he made his fortune for years honestly and legally. He built a financial and business empire from creative thinking and genius. Comverse started off with only USD 200,000. At the time of Kobi's resignation…Comverse sold various programs and products that it produced at USD 1.5 billion, and it had in its coffers an additional USD 2.5 billion."
"Comverse is a story of tremendous achievement and Kobi Alexander became a legend as the man responsible for the accomplishments and successes of Comverse."
Libai claims that a third of US companies use backdating, the practice for which Alexander is being indicted. According to him, neither Kobi or the two other men indicted with him – one a lawyer and one an accountant – thought that backdating, as such a common practice, would result in criminal charges.
