I just bought ELBIT shares and watched the share price dissolve.
What is happening? According to investigators, defense companies paid bribes worth potentially millions of euros to win contracts through NSPA to supply products to the military alliance and 32 member states.
Documents obtained by journalists show that Elbit, one of NATO’s leading suppliers, was suspended by the NSPA on July 31. Several of the company’s existing contracts have been frozen, and the company itself has been banned from participating in new tenders. Elbit’s subsidiary Orion Advanced Systems was also suspended. (This is not true, according to Elbit).
Eliau, a 60-year-old man is suspected of bribery and participation in an organized criminal group. He has not yet been arrested and may be traveling under a false identity, according to informed sources.
The suspect is the owner or director of several defense consulting companies: Elar Systems Corp in the United States, Eral Systems UAB in Lithuania, and Arelco Europe Management Consultancies, registered in Greece.
Although there is no public information linking him to Elbit, people close to the investigation claim that he plays an important role as a consultant to the company. Elbit itself is not currently under investigation.
P.S.: This morning Elbit is rising, so the issue may not be so serious. I also spoke to someone in the sector, and he dismissed the issue as something trivial and usual in the defense business.