Economy

Israeli court wrests holding company from tycoon

JERUSALEM (AP) — An Israeli court has approved a restructuring plan that would wrest control of the country's largest holding company from one of its most prominent businessmen.

The court decided to give ownership of debt-ridden IDB Holding Corp. to businessmen Eduardo Elsztain and Motti Ben-Moshe, ousting controlling shareholder Nochi Dankner. The court said the ruling would go into effect once the two men provide the financial details behind their rescue plan.

Speaking to reporters outside the courtroom Tuesday, Dankner indicated he would appeal the ruling, saying "the company will stay in our hands." The decision could end a protracted fight over the company's ownership.

IDB, whose 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.

Related Headlines

  • CEO of drug maker Teva out ahead job cuts

    Israeli drug manufacturer Teva Pharmaceuticals Ltd. announced Wednesday its CEO had resigned, following a public uproar over a contentious restructuring plan set to cut ... 

  • Israeli start-up seeks to end roaming charges

    An Israeli startup is trying to combat a common fear for international travelers: getting socked with hundreds or thousands of dollars in unexpected roaming charges for using ... 

  • Hyundai to recall Genesis cars to fix brakes

    Hyundai decided to recall about 27,500 Genesis luxury cars Monday, just a few hours after the U.S. government opened an investigation into problems with their brakes. 

  • Israeli company to unveil laser defense

    A state-owned Israeli arms company says it will unveil a new laser-defense system next month that will be capable of shooting down short-range rockets and mortar fire. 

Find the best rates

Find your future job here