Shimon Peres
Shimon PeresFlash 90

Former President Shimon Peres may have cancelled a key contract with Bank HaPoalim last week, but he has quickly found another position: advising pharmaceutical giant Teva

Peres will be paid $10,000 per month to provide consulting services, according to Globes, and be compensated as well for individual projects. 

Teva's agreement with Peres extends only to the international market, according to a source close to the former President, and the particular terms of the agreement have not been finalized. 

Peres cancelled his Bank Hapoalim contract on Thursday after the announcement sparked considerable backlash from the public and political spheres.  

Under the contract, as reported by the financial newspaper The Marker, Peres would have promoted the bank for $30,000 a month.

Peres claimed in an interview following the cancellation that the figure was not nearly as high as initial reports insisted - and that the media frenzy was "not connected to reality." 

“I am not earning a penny because I am not taking a penny of that money. All this money is invested in science, social needs, and I make sure of that,” he stated to Channel 2. “I would not have done anything that even smells of money. I'm surprised that anyone is doubting that. I am not a lobbyist at all.”

While in office, Peres was criticized for his lavish 90th birthday celebrations which were attended by some 2,000 people. In fact, the presidential institution cost the state a whopping 62 million shekels ($17.6 million) in 2012, a figure three times higher than a decade earlier.