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The embezzlement at Leumi Switzerland last year was in excess of $191 million, the Swiss magazine Weltwoche reported yesterday.

Bank Leumi had claimed the embezzlement was only $104 million.

The Swiss magazine quotes a senior official at the office of the prosecutor general in Zurich. The office is handling the suit against Ernst Imfeld, a former Leumi employee who is charged with the embezzlement.

Leumi responded that Weltwoche's report is "simply wrong", and that the correct amount was $104 million, for which the bank has made allowances in its books.

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Leumi has also submitted a claim to its insurers, but a decision on this matter has not yet been made.

"The bank's assessment was certified by the CPAs and received all other necessary approvals," the bank's spokesperson said. The allowance for doubtful debt incorporates the total damage incurred, including amounts that clients may dispute.

TheMarker reported this week that some of the clients have hired star attorney Yaakov Ne'eman to represent them in a lawsuit they intend to bring against Leumi Switzerland.