A Geneva remand court today set five million Swiss Francs bail ($2 million) for financier Tibor Rosenbaum who is charged with “mismanagement.” Sources close to the Rosenbaum family term the bail as “prohibitive” and say that there is no chance they will be able to raise it.
Abraham Rimmer, a director of the International Credit Bank controlled by Rosenbaum, was set free this evening without bail. He was charged with “fraudulent stock exchange maneuvers,” a crime under Swiss criminal court. Both men had been arrested April 28 as they were about to leave Geneva for Paris.
Vladimir Vezeley, the attorney for the plaintiff, Israel Corporation, told the three-man court that Rosenbaum had “recklessly gambled away other people’s money,” Rosenbaum’s attorney, Roland Budin, pleaded with the court to set his client free stressing that the only things he wants is to save the bank, He said that Rosenbaum was pursued “for personal reasons by one man who wants the heads of Michael Tzur (former Corporation director general) and Tibor Rosenbaum,” referring to Baron Edmond de Rothschild who has led the campaign against the two men.
It was Baron de Rothschild, the Israel Corporation’s chairman, who first lodged a criminal complaint against Rosenbaum last October, Rothschild since discovered that Tzur had transferred to Rosenbaum $2 million on April 29, 1974, It is believed that Rosenbaum will appeal the court’s decision, (By Edwin Eytan)
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