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CEO of Teva Pharmaceuticals Charged With Tax Fraud

April 1, 1996

JERUSALEM (AP) _ The chief executive of Teva Pharmaceuticals Industries Ltd. and two heads of a former Teva subsidiary have been charged with evading payment of millions of dollars in taxes, Teva said Monday.

Teva said in a statement that Eli Hurvitz would remain in his job as CEO. The company is ``convinced that Mr. Hurvitz will be fully and completely exonerated,″ Teva said.

A former Teva subsidiary, Promedico, and two of its former heads _ Benjamin Jesselson and Alexander Eisenberg _ also were named in Sunday’s indictment in Jerusalem District Court.

Israeli newspapers said Monday the three men and Promedico were charged with concealing income, keeping fraudulent books and evading payment of more $18 million in taxes.

Hurvitz headed Promedico from 1980 to 1986, when Teva sold the company. Jesselson took over from Hurvitz, and Eisenberg later headed the company.

Teva’s U.S. shares were down 62 1/2 cents at $37.87 1/2 in midday trading on the Nasdaq Stock Market.

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