Internal Threats: Isreali company sues former manager
A US listed holding company for interests in Israel is suing the former manager of its supermarket chain alleging he acted against the interests of the company for personal gain.
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Blue Square-Israel Ltd is listed on the New York Stock Exchange as BSI but its commercial operations are in Israel. Yesterday, it announced that it has commenced action in the Israeli courts against Mr. Yehuda Porat, formerly the manager of its "Shefa Shuk" chain of supermarkets.
Blue Square alleges that Mr Porat "breached his fiduciary duties during his employment at Blue Square, performing transactions with some of the company's vendors without disclosure to Blue Square and in conflict of interest, obtaining personal profits."
Blue Square assesses its claim at NIS 10 Million at this stage" but says that it cannot estimate at this preliminary stage the outcome of the claim."
The company claims to be a leading retailer in Israel and pioneer of modern food retailing in the region, operating 192 supermarkets under different formats, each offering varying levels of services and prices.
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