New ownership for debt-ridden bank

Last updated 09:00 07/01/2014

Relevant offers

World

Fake ultrasounds, fake bellies and Fake a Baby.com get US girl in trouble Wife of former Bathurst Resources boss jailed for welfare fraud Australia's 7-Eleven stores put on life support Rupert Murdoch brings Rebekah Brooks back to News Corp after phone hacking scandal Financial crisis returns? Fund manager warns of market trouble ahead Google refines logo as it prepares to join Alphabet Wall St slides nearly 3 per cent as China fears resurface Yahoo CEO Marissa Mayer pregnant with twins Virginia TV shooting: NRA advocate tells grieving parents not to be 'emotional' Big names feel the power of hackers as corporate hotshots go down

An Israeli court has wrested control of the country's largest holding company from one of its most prominent businessmen.

The court decided on Sunday to give ownership of the debt-ridden Islamic Development Bank (IDB) to businessmen Eduardo Elsztain and Motti Ben-Moshe, ousting controlling shareholder Nochi Dankner.

The court said the two men provided the financial details needed for their rescue plan allowing it to go into effect.

Speaking to reporters outside the courtroom, Dankner said he was saddened that "the truth did not come out and that justice did not prevail.

"The decision appears to have ended a protracted fight over the company's ownership.

IDB, its holdings include a major mobile phone carrier and a leading supermarket chain, took on millions of dollars in debts following a series of bad business deals.

Ad Feedback

- AP

Special offers

Featured Promotions

Sponsored Content