New ownership for debt-ridden bank

Last updated 09:00 07/01/2014

Relevant offers

World

Trump warns of 'retribution' for US companies that offshore jobs Online retailers team up with Jewish group to stop 'hate' products Domino's Japan drops reindeer delivery Ivanka Trump's China-sewn line turns profit at a political cost Mark Forbes, editor-in-chief of The Age, stood down Starbucks CEO Howard Schultz to step down Nestle claims it can slash sugar in its chocolate bars by 40 per cent Blowing Bubbles: That time when house prices fell 75 percentage points in Dublin Australian man turns off Telstra's 2G network, says goodbye to his 13-year-old Nokia Ever wondered why McDonald's chicken nuggets are shaped the way they are?

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