The Board of Directors of Bank Leumi resigned Tuesday and Leon Dulzin, Governor of the bank, though not a director, said he, too, would resign within a month, as soon as a new Board has been named and is in place.
Dulzin made his announcement after appearing before the Knesset Finance Committee which demanded that he quit as head of the holding company which controls 75 percent of Bank Leumi’s voting stock.
The Bank Leumi crisis erupted two weeks ago with the disclosure that its former chairman and chief executive officer, Ernst Japhet, was given $4.5 million in severance pay and a $30,000 a month pension when he was forced to resign last spring after being implicated in the 1983 bank shares scandal.
Eli Hurwitz, who replaced Japhet and served without compensation, announced his resignation Tuesday and said all other Board members have submitted their resignations.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
