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Aeronautics Execs Summoned for a Hearing Following Criminal Investigation

Aeronautics Execs Summoned for a Hearing Following Criminal Investigation

In September 2017, Israeli Police and the country’s Ministry of Defense launched an investigation into a deal the dronemaker signed with a “key customer”

Hezi Sternlicht  :  2018-08-29T14:55:00..

Troubled Israeli dronemaker Aeronautics Ltd. announced on Wednesday it was summoned for a hearing by the Israeli State Attorney in a filing to the Tel Aviv Stock Exchange. The hearing is the next step in a criminal investigation launched in September 2017. An Israeli court issued a sweeping gag order on all information pertaining to the investigation.

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Aeronautics specializes in the development of unmanned aerial vehicles (UAV) for military use and has over 45 customers worldwide.

Amos Matan, Aeronautics CEO. Photo: PR Amos Matan, Aeronautics CEO. Photo: PR Amos Matan, Aeronautics CEO. Photo: PR

The investigation was conducted by Israel Police’s unit for serious and international crimes in collaboration with the Israeli Ministry of Defense, and concerns a deal the dronemaker signed with a “key customer.”

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The ongoing investigation has been hampering several of the company’s deals and damaging its performance on the stock exchange. Aeronautics' stock has lost over 61% of its value since the company listed on Tel Aviv in June 2017. The company’s stock is currently down 5.97%.

Earlier this month, Aeronautics announced it is rejecting a $116.6 million (NIS 430 million) offer for its acquisition by Israeli defense technology contractor Rafael Advanced Defense Systems Ltd. and Israeli businessman Avihai Stolero, citing a low valuation.

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