New ownership for debt-ridden bank

Last updated 09:00 07/01/2014

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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.

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- AP

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