Emblaze Ltd. (LSE: BLZ) founder Eli Reifman claims that he knows of no way to transfer his shares in the company to its special administrator before the end of April 2010.
Reifman made the statement in his response to the Tel Aviv District Court in which he disclosed the chain of ownership, which the UK Registrar of Companies provided him. He added that there had been substantial progress in disclosing the chain of ownership, but that it is not possible to transfer shares until 12 months after the disclosure process. He also said that there were 7-10 links in the chain, which would be fully disclosed in April 2010, at which point it would be able to reach the final beneficiaries who directly own the shares.
Two weeks ago, Tel Aviv District Court Varda Alshech released Reifman on NIS 2 million bail for 50 days in order to locate his Emblaze shares, and hand them over to special administrator Adv. Eitan Erez.
Varda jailed Reifman for contempt of court, after he refused to transfer the shares as ordered by the court.
Published by Globes [online], Israel business news - www.globes-online.com - on December 7, 2009
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