Only a week before the company was scheduled to release its 2009 financial report, Boaz Chechik, the CEO of Israel Credit Cards - Cal, better known as Visa Cal, resigned yesterday. Chechik has been CEO since September 2003.
His resignation was not a surprise, as Visa Cal has been involved in a number of problematic affairs over the past few months, including receiving a $10 million fine from Mastercard - which ICC Cal is appealing - and demands from the Bank of Israel for changes in the firm's procedures. Visa international also fined ICC Cal 9 million euros last November, for problems with its clearing transactions for health and nutritional supplements, among other products. In January, ICC Cal announced it would stop clearing transactions for pornographic sites.
Mastercard's complaints were related to ICC Cal's alleged clearing services for Internet gambling sites, which it is accused of hiding by using false transaction code numbers.
In addition, Israel Discount Bank, which owns 72% of Visa Cal, is conducting a thorough audit of the company's books...
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