Tel Aviv District Court judge Varda Alshech has granted an application by Balram Chainrai and Kital Holdings & International Development and issued a warning of bankruptcy to Arcadi Gaydmak, in a sum of NIS 90 million.
Gaydamak must pay Chainrai almost $23 million, plus interest from the day the ruling was made against him in September 2008.
In addition, Gaydmak was ordered to pay NIS 500,000 costs and more than NIS 50,000 for trial expenses in the District Court and the Supreme Court.
The bankruptcy application comes in the wake of the dispute with Chainrai and the controlling shareholder in Kital, Levi Kushnir, over the sale of control of Ameris Holdings to Gaydamak for $42 million.
In the sale agreement, Gaydmak undertook to buy the remainder of their stakes in the company for $23 million, but when Chainrai and Kushnir tried to exercise the option, it emerged that Gaydamak did not have the amount of money required.
Published by Globes [online], Israel business news - www.globes-online.com - on March 25, 2010