September 10, 2017 / 7:55 AM / in 10 months

Owner of Israel's Rami Levy supermarket chain detained by police

JERUSALEM, Sept 10 (Reuters) - The owner and chief executive of Israel’s Rami Levy supermarket chain was detained by police on Sunday on suspicion of fraud and breach of trust as part of a broader investigation that is not directly connected with the company, the firm said.

The chain is controlled by high-profile businessman Rami Levy, who owns 45 percent.

The company said in a statement to the Tel Aviv Stock Exchange that the police investigation focused on a “private asset owned by the company’s controlling shareholder and another person” which is not part of the supermarket chain.

Trade in Rami Levy’s shares has been halted.

Rami Levy, with a market value of 2.5 billion shekels ($712 million), is one of Israel’s largest supermarket chains.

$1 = 3.5095 shekels Reporting by Ari Rabinovitch; Editing by Steven Scheer and Mark Potter

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