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Owner of popular Israeli supermarket chain detained

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.

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