Economy

Telit CEO steps down amid fraud allegations

Telit CEO steps down amid fraud allegations”

The company said earlier Monday that it has cut ties with Chief Executive Oozi Cats, following reports over his alleged ties to USA fugitive Uzi Kats.

An arrest warrant for Cats was issued under an alternative spelling of his name, Uzi Katz, but he was never detained, according to Boston federal court documents seen by Reuters.

Telit, whose products and services connect devices to apps and enterprise systems, said in a statement that Oozi Cats's involvement in an alleged "land flip" scheme that bought and sold properties at inflated prices had been "knowingly withheld" from the board.

Telit CEO Oozi Cats has formally departed the company after it emerged that he concealed historical criminal charges.

United States authorities have warrants against Uzi Katz dating back to 1992 which accuse him of setting up a fraudulent property scheme.

Cats describes himself as founder and chief executive of the company, where he has worked since 2000. This year it received a purchase order from Tesla, the Californian electric vehicle manufacturer.

Financial director Yosi Fait will continue as interim chief executive until a replacement for Cats is found.

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Telit commissioned the review last week after media reports surfaced that Cats was involved in mortgage fraud in Boston in 1992.

Telit said it would recruit three new non-executive directors, one of whom would replace the current chairman, Enrico Testa, while Fait will also conduct a review of the company's activities and cost base.

Shares in Telit rose almost 15% to 142p on Monday morning, but still remain well below the 182p level the shares were at before the allegations about Mr Cats emerged.

Telit listed in London in 2005 after a company called Dai Israel bought the assets of an Italian business in 2002.

Telit on Monday said the company is "now moving on from this hard situation and will continue to deliver on its stated strategy under the interim leadership of Yosi Fait".

The company also issued a forceful denial of speculation about its financial condition.

It confirmed that there is "no substance to the speculative and accusatory articles that have been published" and that it stands behind its audited accounts for 2016 and the recently published interim statement.



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