Blum Suggests Canceling NIS 60 Million Sale of FMS Shares

His good name matters more than money, FMS Migun owner tells the press

Daniel Blum, the controlling shareholder of FMS Migun Enterprises who came under fire for selling NIS 60 million worth of shares shortly before the market learned of delays in a major order, suggests he cancel the deal.

"Being above suspicion is more important to me than all the money in the world," Blum stated at a press conference called today to soothe ruffled feathers in the capital market. "I am prepared to cancel the deal selling shares in FMS to Clal Insurance a month and a half ago through Leader Capital Markets, if they want to," he added. 

When FMS on Monday delivered disappointing results and admitted to delays in a major contract supplying ballistic materials to the U.S. army, its stock dived 27.5%.

"I did not know about the delay in the order when selling the shares," Blum told the reporters.

He also promised to roll back the company's tendency to secrecy, and to be more transparent.

Asked if he had received any messages from the Israel Securities Authority regarding the timing of his selloff, Blum said no.