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News Brief

  1/17/2013, Shevat 6, 5773

Rabbi Amar: No more Debt Haircuts


Wednesday, Sephardic Chief Rabbi Shlomo Amar issued a Torah Law ruling against debt settlements involving sharp discounts mad by controlling shareholders. The Ruling also states that executives and controlling shareholders should take responsibility for financial losses caused to the public. Additionally, the shareholders may not invest in their company or affiliated ones, i.e. no cross-ownership. (Globes)