Unet Credit

Unet Credit (Hebrew: יונט קרדיט) was an Israeli non-bank credit company founded in 2011 by businessman Shlomo Eizik, who had established the Unet insurance agency in 1998. The company engaged in check discounting and provided loans and financial services to businesses and private clients. It was listed on the Tel Aviv Stock Exchange. Its controlling shareholders were Shlomo Eizik, Shai Penso, and CEO Tzachi Azer. In 2021, former Finance Minister Moshe Kahlon was appointed chairman of the board, serving until the company's closure. Between 2022 and 2026, the company was at the center of a wide-ranging investigation by the Israel Securities Authority over suspicions of financial irregularities, misleading reports, and unlawful transactions. The investigation led to indictments against senior officers and controlling shareholders. The company ceased operations and is now defunct.

Unet Credit was founded in 2011 by Shlomo Eizik, who had established the Unet insurance agency in 1998. The company operated as a non-bank credit provider, engaging in check discounting and offering loans and financial services to businesses and private clients. It was listed on the Tel Aviv Stock Exchange. Its controlling shareholders were Shlomo Eizik, Shai Penso, and CEO Tzachi Azer. In May 2021, after the cooling-off period following his retirement as Finance Minister, Moshe Kahlon was appointed chairman of the board of Unet Credit. Kahlon received exceptionally high compensation: an annual salary of about 8.3 million shekels, mostly 6.1 million shekels in share-based payment, which sparked strong public opposition and claims that he was appointed due to his political connections and lacked the appropriate qualifications. In 2022–2026, the company was at the center of a wide-ranging investigation by the Israel Securities Authority over suspicions of financial irregularities, misleading reports, and unlawful transactions. On June 1, 2022, the company announced it would not publish a quarterly financial report after financial discrepancies were found in its records. Two weeks later, Kahlon resigned as chairman after the company reported to the Tel Aviv Stock Exchange that there might be significantly higher exposure from loans than previously reported and that about 50 million shekels were missing from the balance sheet. Kahlon claimed the exposure resulted from events before his joining. In July 2022, he was investigated under caution by the Israel Securities Authority and released under restrictive conditions. On June 29, the company fired CEO Tzachi Azer, and on July 12, the Israel Securities Authority opened an open investigation, announcing that the controlling shareholders (Shlomo Eizik, Shai Penso, and his cousin CEO Tzachi Azer) were suspected of stealing funds totaling tens of millions of shekels. All three were investigated. Ernst & Young, the company's accountant, announced on July 14 that it was withdrawing its financial reports for 2020 and 2021. The company responded that this was an evasion of responsibility. In January 2024, investors of Unet Credit Financial Services filed a 38 million shekel lawsuit against Ernst & Young Israel. In July 2022, controlling shareholder Shlomo Eizik, who held 9.5%, resigned as deputy chairman. In May 2026, an indictment was filed against Kahlon including offenses under the Securities Law, and a plea bargain was presented, following which Kahlon admitted and was convicted, receiving a suspended sentence, a fine of 180,000 shekels, and a restriction from serving as an officer in a public company for one and a half years. In June 2026, the State Attorney announced the filing of an indictment against controlling shareholders Shlomo Eizik, Shai Penso, and CEO Tzachi Azer for fraud, breach of trust in a corporation, and other offenses. The company ceased operations and is now defunct.

• 2026

  Indictments filed against Kahlon and controlling shareholders

• 2024

  Investors file 38 million shekel lawsuit against Ernst & Young Israel

• 2022

  Financial discrepancies discovered; Kahlon resigns; CEO fired; Israel Securities Authority opens investigation

• 2021

  Moshe Kahlon appointed chairman of the board

• 2011

  Unet Credit founded by Shlomo Eizik

Non-bank credit provider for businesses and private clients in Israel.

• Check discounting

• Business loans

• Financial services for private clients

1. 1יונט קרדיטhe.wikipedia.org
2. 2Wikidatawikidata.org