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Article: Maccabi head quits after fraud conviction
- Article from:
- Jerusalem Post
- Article date:
- February 23, 1996
- Author:
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JUDY SIEGEL and Itim
Jerusalem Post
02-23-1996
RAFI Roter, the Maccabi Health Fund's long-time director-general, resigned yesterday after being convicted of fraud by Tel Aviv Magistrates' Court.
Yisrael Rotem, managing director of Procardia, which is jointly owned by Maccabi and private investors, was also convicted of fraud, as were Maccabi and Procardia. Roter also served as a board member of Procardia, which provides rest and recuperation to heart patients in Tel Aviv.
The long-running case involved a 1987 agreement by Maccabi to loan $4 million to Procardia. The money was meant to help the company buy the Basle Hotel in Tel Aviv, which Procardia intended to use as its ...