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Court Fines
Bank Chiefs

Tel Aviv (JTA) — In a
precedent-setting ruling, the
Jerusalem District Court
has fined 10 former directors
of the North .American Bank
approximately $144 million
for irregularities that oc-
curred before the bank went
broke in 1985.
The fine, which includes
accrued interest and infla-
tion-adjusted charges from
when the state first filed a
lawsuit against the bank in
1989, is to be paid by the 10
directors according to the
number of shares each held
in the bank.
The decision was regarded
as setting a precedent in
that it made a corporation's
board of directors fully
responsible for company ac-
tivities.
In its ruling, the court
stated that the board was
fully responsible for any ir-
regularities, embezzlement
and corruption that took
place at the bank from 1978
to 1985.
In 1985, four senior bank
officials were convicted and
sentenced to jail on criminal
charges of embezzlement in
a lawsuit filed by the state.
The four were Jehoshua
Halperin, board chairman;
Shmuel Barzel, the bank's
legal adviser; Moshe Stern,
Jerusalem branch manager;
and Hadassa Monasa, assis-
tant managing director.
The 10 board members
upon whom the penalty was
imposed included Joseph
Nakash, David Gaon, Dan
Barzilai, Norman Allen,
Israel Ben-Nun, Gedalia
Buchbinder, Irwin Zussman,
Yoel Herzog, Ya'acov
Horowitz and the estate of
the late David Tzafrir.
Most of the 10 are from the
United States.
At the conclusion of the
1985 trial, the bank's
receiver, while breaking up
North American Bank,
decided to file charges
against the board, deman-
ding that its members
return the money the bank
had lost.
In his ruling, Jerusalem
District Court Judge
Ya'acov Bazak said the
board was negligent in not
dealing with the ir-
regularities, that it failed to
oversee management's ac-
tions and that board mem-
bers behaved as though they
considered the post strictly
honorary.
Most members did not at-
tend board meetings, and
those who did failed to show
concern, the judge said. ❑

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