Hindenberg Research accused the Israeli geothermal company of committing “widespread and systematic international acts of corruption”. Hindenberg Research, a US short-selling company, has accused the Israeli geothermal company, Ormat Technologies Inc. (NYSE: ORA; TASE: ORA) has committed “widespread and systematic international acts of corruption.” In a report titled “Dirty Dealings in Clean Energy,” Hindenburg alleged that Ormat has participated in corruption operations in Guatemala, Honduras, and Kenya and it is estimated that corrupt enterprises have contributed nearly 70 percent. % Of Ormat revenue for 2020. Hindenburg claims to have uncovered direct evidence linking Ormat to corruption in Guatemala.Related articles Slipping Ormat on fourth quarter results The short seller relies heavily on the close ties between Ormat and Shikun & Binui Holdings Ltd. (TASE: SKBN) Former senior executives in Israel are being charged with corruption, as evidence of wrongdoing. The report notes that Ormat Doron Blachar’s CEO is Shikun & Binui’s former chief financial officer, and adds vaguely, “It is unclear whether Blachar is in danger of being indicted. In the near term, ”although there was no indication by the authorities that he would be charged. After a sharp rally in 2020, Ormat’s share price has decreased by 30% since the start of 2021. But it appears that today’s report by Hindenberg K. It has little impact with Ormat’s stock price currently down 0.04% on the New York Stock Exchange at $ 85.63, giving a market value of $ 4.8 billion. Posted by Globes, Israel business news – en.globes.co.il – on March 1, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021 Ormat CEO Doron Blachar / Photo: PR
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