IDE to Review Tenant Operations

Israel Diamond ExchangeThe Israel Diamond Exchange (IDE) is in the process of inspecting all tenants following ‎the police investigations conducted in the exchange earlier in the year. ‎

Motti Besser, the managing director of IDE, has been appointed to head an internal team ‎tasked with examining hundreds of offices located within the exchange to ensure that all ‎tenants are eligible to operate in the IDE buildings, according to a report by Ma’ariv. ‎Besser was not available for comment at press time. ‎

The aim of the investigation is to provide the IDE management with a clear picture of ‎the tenants operating on site.

In January, police raids uncovered illegal banking operations and money laundering from within the exchange amounting to hundreds of millions of dollars. Further a business operating as a bank offered its services to Chinese workers who wanted to send money back to their relatives ‎in China, according to Ma’ariv. ‎

Israel’s diamond trade was impacted by the investigations during the first quarter as ‎exports dropped significantly. Negations are still underway between the IDE and the ‎Israel Tax Authority regarding the tax structures governing diamond businesses. ‎

The Ma’ariv report added that IDE’s management is considering dismantling the precious ‎gemstone bourse, which operates within the IDE and where the illegal bank ran its ‎activities.

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