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SEC charges Elbit Imaging with violations of FCPA

Jaclyn Jaeger | March 12, 2018

The Securities and Exchange Commission has charged Israel-based Elbit Imaging with violating the books and records and the internal accounting controls provisions of the Foreign Corrupt Practices Act.

According to the SEC order, Elbit and Plaza Centers NV, an indirect subsidiary over which Elbit exerts functional control, paid millions of dollars to third-party offshore consultants and a sales agent purportedly for their services related to a real estate development project in Romania and the sale of a large portfolio of real estate assets in the United States. Elbit and Plaza made these payments even though they lacked evidence that the consultants and the sales agent had actually provided the contracted for services, the SEC stated.

In addition, Elbit and Plaza failed to devise and maintain sufficient internal accounting controls to provide reasonable assurances that the companies’ funds would only...

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