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Name | Symbol | Market | Type |
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Qnb Fin 35 | LSE:80OA | London | Medium Term Loan |
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TIDM80OA RNS Number : 6411R Bank Hapoalim B.M. 03 May 2009 Head Office 63 Yehuda Halevi St., Bank Hapoalim Bldg., Tel Aviv 65781 Tel: 972-3-5673800; Fax: 972-3-5674576 Date: April 30, 2009 +-------------------------------------------+ | To:The London Stock Exchange | +-------------------------------------------+ Dear Sir or Madam, RE:Immediate Report Bank Hapoalim B.M. (hereinafter: "the Bank") respectfully advises that further to immediate reports published on 30th March, 2009 (number 071742-01-2009) and on 27th April, 2009 (number 095613-01-2009): 1. On 27th April, 2009 there was delivered to the Chairman of the Board of Directors of the Bank a letter from the Supervisor of Banks the heading of which is "Notice of Faults - Substitution of the CEO of Bank Hapoalim" (a copy of the letter is attached to the immediate report). Attached to the letter was an examination report which was prepared by the Supervision of Banks on the subject of the substitution of the CEO. The substance of the examination report, as prepared by the Supervision of Banks, is attached to this immediate report. 2. The aforesaid letter of the Supervisor of Banks and the examination report as well as additional legal opinions drafted by Prof. Lucian Bebchuk, Dr. Yoram Turbowicz, and Ms. Varda Lusthaus, Adv. were placed before the Board of Directors of the Bank, which convened for that purpose to-day, 30th April, 2009. Prof. Bebchuk's opinion is attached to this report. 3. From an initial review of the letter of the Supervisor of Banks and of the examination report it transpires that the Board of Directors entertains material objections thereto; inter alia, with regard to the determination that the members of the Board of Directors and the Chairman of the Board of Directors did not, so to speak, discharge their duties according to the Companies Law and proper conduct of banking business. At the same time, it is the intention of the Board of Directors to make an intensive examination of the contents of the letter of the Supervisor, the examination report and the opinions received and it will relate back to them within the time fixed by the Supervisor, namely by 6th May, 2009. 4. The Board of Directors reiterates its request to meet with the Supervisor of Banks, as reported in the immediate report of 27th April, 2009. Yours faithfully, Bank Hapoalim B.M. ( - ) ( - ) +------------------------------+---+--------------------------------+ | Ilan Mazur, Advocate | | Yoram Weissbrem | | Chief Legal Adviser | | Secretary of the Bank | +------------------------------+---+--------------------------------+ Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/6411R_-2009-5-3.pdf This information is provided by RNS The company news service from the London Stock Exchange END MSCIIFVAETIVIIA
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