New ownership for debt-ridden bank

Last updated 09:00 07/01/2014

Relevant offers

World

JetBlue sued by ex-pilot who had midair meltdown Kiwi charged in Sydney over corruption allegations Apple's Tim Cook will give away his money Nutritionists slam Warren Buffett's junk-food investments Posthumous Brittany Maynard video supports assisted-suicide bill Kraft Foods to merge with HJ Heinz in US$46b deal HJ Heinz owner in Kraft takeover talks Inside Cadbury's chocolate factory Weak US business spending points to growth slowdown No hide-and-seek at Sydney Ikea

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