Israel’s Competition Authority is investigating suspected cartel-style conduct at publicly traded Supergaz Power, part of Elco Group controlled by the Zalkind brothers, according to Calcalist. The criminal probe began about six months ago and has already included questioning employees and searches of their homes and vehicles, yet the company has not informed investors, even though it could face penalties of tens of millions of shekels if violations are found.
Supergaz Power, formerly Electra Power Gas, trades on the Tel Aviv Stock Exchange at a valuation of about 480 million shekels. It buys, stores and markets cooking gas, or LPG, and also supplies electricity. Elco holds 61% of the company, having bought control about seven years ago at a valuation of roughly 817 million shekels. The company’s CEO is Daniel Sapir, formerly CEO of Cellcom, while Danny Zalkind serves as chairman and Miky Zalkind as a director. About two months ago, Supergaz sold part of its gas business to Aluma Fund for about 395 million shekels.
According to the report, on November 24, 2025, Competition Authority investigators arrived at the homes of two salespeople under court-approved search warrants. They seized computers, phones and documents, some of them from company vehicles, and questioned the employees at the authority’s offices. The exact conduct under investigation was not disclosed, and, so far, senior executives have not been questioned. Evidence found on the seized devices led to additional investigative steps.
The article says the company did not issue an immediate disclosure when the probe opened, nor mention it in its 2025 annual report or its first-quarter 2026 results. That is notable because competition-law violations can lead to criminal penalties of three to five years in prison and fines, or, if handled administratively, fines of up to 8% of turnover, capped at 122 million shekels. Based on Supergaz’s reported revenue of 1.02 billion shekels in 2025, 856 million in 2024 and 707 million in 2023, the theoretical exposure could be about 50 million to 80 million shekels. The report also cites a 2024 Securities Authority position saying a criminal or administrative probe may require immediate disclosure because it can affect operations, reputation, fundraising and share price. Supergaz said it follows the law, cooperates with regulators, and, to its knowledge, only some employees were summoned; it said it had received no formal inquiry or official details about the probe.
