Assets of Portus founder frozen by Israeli courts

CBC || October 27, 2005

The court-appointed receiver looking into the financial affairs of the defunct Portus group of companies has won court orders in Israel to freeze assets and prevent Portus co-founder Boaz Manor from leaving that country.

In its latest report filed with the Ontario Superior Court of Justice, receiver KPMG describes Manor as the "guiding mind" behind the Portus group and accuses him of misappropriating "substantial" amounts of investors' money.

KPMG said it has obtained an Israeli court order that prohibits Manor from leaving Israel. Manor fled to Israel shortly after his companies collapsed and he has refused requests to answer questions, according to the receiver.

Article Posted at www.KnowledgeDrivenRevolution.com

KPMG said it has launched legal proceedings in Israel to require Manor's attendance at a hearing there on Nov. 6.

KPMG won a further order freezing $20.7 million US of Manor's assets in Israel.

Three weeks ago, the Ontario Securities Commission alleged that $95.4 million was improperly diverted by Portus and that Manor was the main person responsible. The OSC laid three charges against Manor under the Ontario Securities Act.

Portus Alternative Asset Management raised $730 million from 26,000 Canadian investors before regulators began questioning its sales and compliance practices earlier this year.

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