Israeli security tech firms investigated on suspicion of fraud – Hi tech news

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(photo credit: REUTERS)


The police National Serious and International Crimes unit has opened an investigation into the Israeli companies “Ability Computer Tech Industries” and “Ability Security Systems,” which are suspected of “fraud, smuggling and money laundering on a significant scale,” supposedly done in the context of business activity. 

As part of the investigation, searches were done and arrests were made on Sunday.


Both of the companies being investigated were suspended in March from the registry of security exports, following a hearing regarding a suspicion that the companies violated the Law of Security Export Inspection, and committed acts of unlicensed exporting and marketing of surveillance products.

 

The case is being handled by the economic department in the State Legislature. 

The rest of the details of the case are currently forbidden from being released.

 

The Ability Group is traded on the Tel Aviv stock exchange and is currently valued at NIS 17.5 million. The group is involved in development and creation of surveillance, enforcement and cyber-security technologies for security and law enforcement agencies.


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