Israeli police September 22 arrested four diamond dealers in the case of tax evasion through the Swiss branch of HSBC. As investigators believe, diamond traders possessed undeclared bank accounts.
Four Israeli diamond dealers accused of carrying 100 million shekels ($ 21 million) through HSBC in Switzerland, in Israel's undeclared tax office. They were released on bail, but all four of them deny the charges.
According to reports, the Israeli tax authority from February 2015 trying to get a list of Israeli citizens in the HSBC accounts in Switzerland. In August this year, the French authorities gave a list of more than 8,000 Israeli customers.
Early last year, HSBC acknowledged "past mistakes in complying with the regulation and control", which may have allowed some clients to evade taxes. In Israel, the possession of a foreign bank account is not illegal as long as this fact is reported to the authorities and with the funds to pay taxes.
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Jewelry business Titan Company in the last quarter continued to remain under pressure and again showed weak performance. In the second quarter of the fiscal year from July to September, the company's net profit is expected to decrease by 23% to $ 28.35 million, from $ 36.78 million in the same period last fiscal year. According to analysts, the company's net income fell by 20.3% to $ 438.77 million, compared to $ 550.65 million a year earlier.
In the reporting quarter, pre-tax profit, interest, depreciation and amortization (EBITDA) could fall by 21.3%, to $ 40.15 million, compared to $ 51 million a year earlier. The EBITDA margin was probably down from 9.3% to 9.2% year-on-year.
Analysts noted, That the proceeds from the sale of the company's jewelery in the second quarter of the financial year fell by 20-35% against the backdrop of the continuing weakness of the market and the completion of the Golden Harvest program. In the base quarter, this scheme brought 50-55% of the proceeds from the sale of jewelry. Meanwhile, since 2016 the new scheme of the "Golden Harvest" will continue to substantially increase the company's revenue.
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