Verdict in the Black Diamond case: a fine and forfeiture of NIS 25 million and actual imprisonment for the CEO"to the company

The District Court in Tel Aviv (Economic Department; Honorable Judge Benny Sagi) today (Thursday) sentenced El. to. Dee Diamonds Inc"from (LLD Diamonds), which deals in diamond trading, as well as 18 months of actual imprisonment and a fine and forfeiture of NIS 280,000 on the CEO"To the company Reuven Shmalov. This, after the company and Shamalov confessed and were convicted as part of a plea deal in the case "Black Dimond" which concerns the crimes of smuggling diamonds to Israel on a large scale and money laundering.

According to the indictment, the facts of which the defendants admitted, in the period between March 2008 and 2012, Malov worked to smuggle diamonds from"for the LLD company using different blenders. According to the indictment, the smuggling mechanism was carried out so that the smugglers received rough diamonds abroad"and smuggled them to Israel, while hiding them on their bodies, without declaring them at customs, and without having Kimberley certificates attached to the diamonds, indicating that the origin of the diamond is not in conflict zones in Africa (they are not "blood diamonds"). After that, the brokers delivered the smuggled diamonds to the operator of the brokers or at the offices of the LLD company.

The defendants – Shmalov and the company – managed the smuggling process, which included, among other things, receiving the diamonds smuggled into Israel, transferring the smuggled diamonds for sorting and evaluation, as well as instructing the company’s employee to document the smuggled goods in a coded series, in order to hide their origin. According to the indictment, the value of the smuggled diamonds was over 70 million dollars (over NIS 243 million).

The case was investigated by Yahab"L. Shabalhav 433 in the Israel Police, customs and other investigations"from Jerusalem and the Diamond Unit at the Tax Authority. The case is being handled by lawyer Orna Galbstein from the Taxation and Economics Attorney’s Office.

The Taxation and Economic Prosecutor’s Office stated after the verdict: "The actual prison sentence imposed on the CEO of L.L.D., and the fine and confiscation of 25 million imposed on the company, together with the 38 million paid at the expense of its debts to the Tax Authority, constitute a significant punishment appropriate to the serious crimes of smuggling diamonds and money laundering for which they were convicted and an expression of taking The responsibility of the accused."

Illustration. Image by Colin Behrens from Pixabay

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