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The chairman and seven board members of...

The chairman and seven board members of Jerusalem-based Bank Leumi, one of Israel’s leading commercial banks, have resigned after public outrage over huge sums awarded to 25 senior bank executives, the bank said. The resignation of Chairman Meir Heth and the other directors came after Bank of Israel Governor Michael Bruno told Leumi’s owners, the Jewish Colonial Trust, to dismiss the board. It had awarded “golden handshakes” and large pensions to bank executives it wanted to resign. Bank Leumi has been plagued by scandal since a 1983 crash of bank shares held by small investors.


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