An American company that placed bonds on TASE reported $34 million missing “by mistake”

The notice states that during a review of financial statements for the first quarter of 2026, it was discovered that almost $34 million had been transferred to entities controlled by the main shareholders, brothers Michael and David Shabsels.

According to the company, this happened by mistake due to the control scheme that existed before the issue.

As a result of the investigation, the audit committee ordered the Shabsels brothers to return the entire amount to the company’s cash desk with the addition of 7% per annum (corresponding to the bond coupon).

The controlling shareholders agreed and pledged to return the money within 24 hours, but then stated that they were unable to do this until the end of May and could not estimate when the funds would be returned at all.