Mr. Yoav Shinitsky also testified explicitly [in the hearing on June 12, 2018 on page 240, lines 31-33, on page 238, lines 4-6, and on page 241, line 9] that although it is also possible to market to Syria, Lebanon, Jordan and Iraq, in practice this does not happen and there is no active marketing to customers in at-risk countries or enemy countries. He further testified that the plaintiffs have no connection to end customers that were not referred by it, i.e., to end customers in countries to which the plaintiffs do not actively market [page 248, lines 3-10]. In this context, Mr. Michal also testified that the plaintiffs prevent the activity of end customers who are not on the list of permitted countries, by identifying the IP address of the customers [see his testimony of May 24, 2018, on page 49, lines 4-5].
With regard to the fact that Mr. Michal referred to the plaintiffs' customers' end customers as "retail customers", indeed, in the course of his testimony, Mr. Michal clarified that they were not institutional customers [see his testimony on page 48, line 10 and lines 11-17]. With regard to this testimony, the Bank referred in its summaries by claiming that in treating the end customers as "retailers", Mr. Michal tried to mislead the Bank. However, in this argument, the bank ignores the satisfactory explanation given by Mr. Toledano in his testimony on this matter. Thus, in the framework of his testimony, Toledano explained that the source that Mr. Michal referred to the end customers as retail clients stems from a poor translation of the term retail forex client - thus, in this regard, he explained that the companies that operate the trading platforms are called "retail forex brokers" and therefore their clients are called "retail forex clients", but they are not retail customers in accordance with the common interpretation of the word "retail" as "institutional" [see his testimony at pp. 141-143].
- The investigations that were conducted against Toledano -
Regarding the criminal investigations, a letter was sent from Adv. and CPA Avraham Shahbazi dated June 29, 2017 on behalf of Mr. Haim Toledano: explaining that he is prevented from commenting on the contents of the investigation as long as it has not yet been completed, however, he noted: "To the best of our knowledge, there is no connection between the suspicions and activity that are the subject of the investigation and the accounts held by you in the name of our client or in the name of a company owned/controlled by him. We can also note that our client submitted his annual reports for the 2015 tax year, completed the missing reports and paid the tax derived from him, thus removing the omissions that are the subject of the application." On September 5, 2017, at the bank's request, he added to the wording of this letter after the words: "A company owned or controlled by him: "nor to the funds transferred to his account from PX EXCHANGE, UFX, MPF and PARGONEX companies."