(JNS) Israel’s flag carrier, EL AL, is expected to be fined tens of millions of shekels for price-gouging during Israel’s two-year war against Hamas in the Gaza Strip, Israel’s Channel 12 News reported on Tuesday night.

EL AL raked in record-breaking profits over the past two years when it flew as a virtual monopoly as foreign carriers halted flights to and from Israel, and as its airfares hit record highs amid huge demand and low supply.

The months-long investigation by the state’s Competition Authority is also considering imposing a financial sanction on the airline’s former CEO, Dina Ben Tal Ganancia, the report said.

The national carrier is also facing a separate lawsuit in the hundreds of millions of dollars alleging price-gouging.

The airline has denied the allegations.

Want more news from Israel?
Click Here to sign up for our FREE daily email updates