Israel Electric Corp sues Palestinians over $153m unpaid debt

Israel Electric Corporation (IEC) filed a suit at the Jerusalem District Court on Thursday against the Jerusalem District Electricity Company (JDECO) for 531 million shakels ($153 million) in unpaid debt that had accumulated up to October 2013, JDECO’s Director General Hisham Al-Omari said yesterday.

Al-Omari said that IEC demands to have direct access to JDECO’s accounts held in Israeli Banks to collect its unpaid debt.

He said the court will issue a decision tomorrow which leaves no time for his company to prepare and present its defence before the court, pointing out that the company’s board had informed the competent authorities of the suit to take the necessary measures and resolve the crisis.

Al-Omari claimed Israel wants to seize JDECO’s funds taking advantage of the strained political situation, something the company has been warning about for the past few years.

He urged the Palestinian Authority and its institutions and ministries and the Palestinian people to pay off their debts to the company so it can meet its financial obligations towards the Israeli company and resolve the crisis.