General Announcement::Immediate Report - receiving ruling on CPM issue

Issuer & Securities

Issuer/ Manager
THE ISRAEL ELECTRIC CORPORATION LTD.
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
25-Jan-2021 13:43:48
Status
New
Announcement Sub Title
Immediate Report - receiving ruling on CPM issue
Announcement Reference
SG210125OTHREFSN
Submitted By (Co./ Ind. Name)
Yael Nevo
Designation
SVP & General Counsel
Description (Please provide a detailed description of the event in the box below)
Further to the aforesaid in explanation 1h2A to the financial statements of the Israel Electric Corporation Ltd. ("Company") for the year ended December 31, 2019 and in explanation 1h to the Company's financial statements for the nine and three months ended September 30, 2020, regarding the determination of the Acting Commissioner of Competition received on March 6, 2017, according to which the Company adversely exploited its monopoly status with regard to client portfolio management services (CPM), in contravention of the provisions of sections 29, 29a(a), 29a(b)(2), 29a(b)(3), and 29a(b)(4) of the Economic Competition Law, and following the appeal with regards to the determination filed with the Competition Tribunal on behalf of the Company and a current officer thereof, as well as the appeal filed on behalf of a former officer, the Company respectfully announces that yesterday, January 24, 2021, the Company received the ruling, given on January 19, 2021, according to which the appeals are rejected.

The Company is studying the ruling and its implications, will consider its steps and will report again as required, in accordance with the provisions of the law.


The Israel Electric Corporation Ltd.
By:
Ofer Bloch, CEO
Yael Nevo, SVP & General Counsel