According to a Time article written in 1975 Michael Tzur "illegally transferred about $16.2 million from The Israel Corp. and two of its subsidiaries to a Liechtenstein credit trust. The trust was controlled by Tibor Rosenbaum, president of the International Credit Bank (I.C.B.) in Geneva. Apparently, Rosenbaum withdrew the illegal deposits—along with other funds that he transferred from his bank to Liechtenstein trusts—to pay off mounting debts incurred by his other enterprises, mostly real estate ventures." 
Resources and articles
Related Sourcewatch articles
- Energy, Bananas and Israeli Cash, Time, accessed October 15, 2008.