Sources inform ''Globes'' that relations between Hadas Arazim Investment House Ltd. CEO Linda Ben-Shoshan and the Sutton family that owns the firm are strained. Ben-Shoshan was appointed a year ago. Isaac Sutton is Hadas Arazim chairman. The Suttons own the investment house through investment houses Middlegate Securities Ltd. and C3 Capital LLC.
The sources said that Sutton wants Ben-Shoshan to end her term two years early. Ben-Shoshan counters that the Sutton family has failed to meet its commitments to inject capital into the company and she is seeking arbitration. The parties are now speaking to each other through their lawyers.
Ben-Shoshan's attorney told "Globes", "This dispute is over the Sutton's failure to keep their promises. We've notified them to this effect in writing and we've applied for arbitration. All the allegations against Ben-Shoshan are baseless."
Ben-Shoshan declined to comment on the report.
Hadas Arazim owns 51% of the Mercantile Discount Bank provident fund, which has NIS 3 billion in assets under management.
Published by Globes [online], Israel business news - www.globes-online.com - on December 30, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008