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Telit Communications: to have had one crook on the board is understandable but two looks like carelessness

By Tom Winnifrith, The Sheriff of AIM | Wednesday 9 August 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

I so enjoy misquoting my fellow Anglo Irishman Mr Wilde. He knew a bit about the inside of a jail cell and that brings me to Telit Communications (TCM). Oozi cats, aka Uzi Katz, has "temporarily" (my arse) left Telit Communications (TCM) following the Boston fraud revelations but this is not the first time that the company's officers have had a spot of bother with the law. Meet Avigdor Kelner.

In October 2005 shortly after Telit IPO'd on AIM he was appointed chairman. Uzi oozed:

'The appointment of Avigdor Kelner as Chairman of the Board of Telit will add substantial contribution to the company's global expansion and it's future outlook. Avigdor's vast experience and contacts within Telit's marketplace will be hugely beneficial to the Company and we look forward to the future with much confidence.'

Avigdor's company Polar also bought a stake in Telit but on April 16 2007 it was announced that a consortium led by our friend Uzi/Oozi was buying the Polar stake and that on completion Avigdor was to leave the board.

By sheer coincidence in late May 2007 Kelner was placed under house arrest and had his office and home arrested as part of an enquiry into insider dealing in shares in Polar. The Telit share dump was part of that investigation. After four years the Old Bill dropped that investigation due to lack of evidence but they already had Kelner in their sights on other countds relating to the Holyland scandal which by 2014 had seen former Israeli PM Ehud Elmet fined a million shekels (call it £225,000) and sent to the slammer for six years. He was not the only one who went down, our pal Avigdor Kelner also picked up a million shekel find and got a three year stretch.

He should be out by now. I guess if Telit is looking for a new CEO he has his hands free and know the company well. And there is no need to fess up to any of that Holyland business when filling in the director declaration is there Oozi? Cometh the day, cometh the man.

Another hour goes by, another red flag for Telit. The shares are still a sell with a target of 0p

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