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Bankrupt Agrexco face possible criminal prosecution

agrexco still sux | 28.08.2011 21:22 | Campaign against Carmel-Agrexco | Palestine | South Coast | World

Agrexco, the Israeli part-state owned agricultural export company that supports illegal Israeli settlements in the Occupied Palestinian Territories, and has been the target of an international boycott campaign as a result, now faces possible criminal prosecution in Israel.

Auditors of the bankrupt firm have uncovered accountancy fraud apparently intended to cover up Agrexco's intimate relationship with the Israeli governments agricultural policies.

Although not expressly stated in this report, the report suggests that Agrexco was propping up illegal settlements in the OPTs with financial payments in order to support Israeli Govt settlement colonisation policies at the expense of their own profitability. If this is so, the case against Agrexco put by BDS campaigners over the past 7 years, of the company's complicity in war crimes and crimes against humanity, has just been strengthened substantially.

Auditor: Agrexco misled bondholders

Barlev Investigative Auditing: The company certainly manipulated its financials, to the extent of possible criminal misconduct.

28 August 11 16:07, Stella Korin-Lieber

Barlev Investigative Auditing states in its report on Agrexco that it certainly misled and manipulated its official financial reports and presentations, amounting to possible criminal misconduct.

"From the day it was founded, Agrexco served as the long arm of the government to carry out a clear and declared policy of subsidizing and promoting Israel's agriculture… at the expense of the company's profitability. In retrospect, this policy also came at the expense of the company's creditors," Barlev states in the 31-page preliminary audit report on the bankrupt agricultural produce exporter. The report, commissioned by Agrexco's bondholders, was submitted to Tel Aviv District Court Judge Varda Alshech, who is handling the case.

agrexco still sux