Israeli minister questioned on insider trading

Social Affairs Minister Haim Katz was questioned late on Monday on suspicion of illegal insider trading in connection with last year’s merger of the two real-estate companies.

Katz is alleged to have gotten advance information on an imminent takeover bid from Mordechai Ben-Aryeh, who had been a financial adviser to the two companies.

Both bought the relevant shares just before the company announced the move last July.

It is estimated that the two made a profit of some $76,000.

The two are also suspected of other offenses that are still being investigated, according to Haaretz.