Last week it was reported that former President Shimon Peres was hired by Bank Hapoalim as a consultant to promote the bank with major investors. Mr. Peres reportedly signed on to receive $30,000 monthly for his services. The news raised some eyebrows among critics while supporters of Mr. Peres praised the move, which they are confident would benefit the bank and the State of Israel.

Spokespeople for the president explains Mr. Peres was not hired by the bank but he was being paid as a consultant, working for a firm run by his son Mr. Chaim Peres.

It is not announced Mr. Peres has backed out of the deal, reportedly due to the public outrage surrounding a former president receiving $30,000 monthly to promote the bank.

While bank officials and the former president declined a request to detail what Mr. Peres was going to do, it is believed Peres was going to use his influence to combat expected banking industry reforms that are on the agenda of incoming Finance Minister Moshe Kahlon.

It must be added that at the time the deal was published, the former president stressed he would not be keeping the money, stating the salary would be given to charitable organizations and to advance social and public projects.

(YWN – Israel Desk, Jerusalem)