The move follows an in-depth investigative report by journalist David Bedein into Peres’ monetary investments in the PA.
The report specifically focuses on the connections between Peres and his investments in The Peace Technology Fund (PTF). The fund, established on May 7, 1998 and registered with the Registrar of Companies for the Cayman Islands, has the declared primary objective of: “Generat[ing] profits for its investors, leveraging its unique position as a collaborative, cross-cultural operation.”
An article in Business Week reported that: “A venture capital fund founded by former Israeli Prime Minister Shimon Peres has taken a $9 million, 3.3% stake in Paltel, the Palestinian Telecommunications Co., according to officials of the Peace Technology Fund... The Peace Technology Fund was established by Peres and the World Bank as part of an attempt to spur investment in the Palestinian economy.”
Brokers who raise capital for new private equity funds are traditionally paid a fee - usually 2% of the amount they raise. Bedein says the main issue to be discussed by the Knesset Ethics Committee is whether Peres and/or the Peres Center were paid a fee for getting the PTF off the ground and obtaining the initial $62 million to create this new private equity fund.
If the allegations against Peres are confirmed, it would present a situation of an illegal conflict of interest and pose a legal challenge to Peres's appointment as second-in-command.
Bedein has confirmed that he will present the allegations at the hearing. Peres himself was informed last month that he is expected to appear at the February 8 hearing.
The report was released by the Israel Resource News Agency.
The report specifically focuses on the connections between Peres and his investments in The Peace Technology Fund (PTF). The fund, established on May 7, 1998 and registered with the Registrar of Companies for the Cayman Islands, has the declared primary objective of: “Generat[ing] profits for its investors, leveraging its unique position as a collaborative, cross-cultural operation.”
An article in Business Week reported that: “A venture capital fund founded by former Israeli Prime Minister Shimon Peres has taken a $9 million, 3.3% stake in Paltel, the Palestinian Telecommunications Co., according to officials of the Peace Technology Fund... The Peace Technology Fund was established by Peres and the World Bank as part of an attempt to spur investment in the Palestinian economy.”
Brokers who raise capital for new private equity funds are traditionally paid a fee - usually 2% of the amount they raise. Bedein says the main issue to be discussed by the Knesset Ethics Committee is whether Peres and/or the Peres Center were paid a fee for getting the PTF off the ground and obtaining the initial $62 million to create this new private equity fund.
If the allegations against Peres are confirmed, it would present a situation of an illegal conflict of interest and pose a legal challenge to Peres's appointment as second-in-command.
Bedein has confirmed that he will present the allegations at the hearing. Peres himself was informed last month that he is expected to appear at the February 8 hearing.
The report was released by the Israel Resource News Agency.