"The people at Ratio are serial breachers of agreements, and Globus has an undertaking that Ratio will transfer to it 15% of the shares," Adv. Boaz Benzur, who together with Adv. Uri Keydar represents Globus International Construction and Development Investments and its owner, Shlomi Shukrun. According to Benzur, this fact even appears in a prospect published by Ratio, besides in an agreement in principle signed by the two companies in 2005.
"They undertook to transfer 15% of the shares," says Benzur, "and now it's not so convenient for them, because the value of the shares has risen sharply. It’s a case of a partner whose rights they are trying to deny, and it seems that they have become confused, because it was their representatives who involved underworld figures in putting together the arbitration. There's an attempt at media spin here, and at turning the facts on their heads, but the basic facts are that he is their partner, and they are not meeting their obligations to him."
Asked how Shukrun agreed to a process of arranging arbitration in which criminal elements were involved, Benzur responded, "The explanation is that he was put in fear. When a person is made afraid, he is likely to submit and agree to arbitration. Two people came to him; later he was told who they were. It's important to stress that they came and talked pleasantly, and did not Heaven forbid stand there with revolvers, but in situations like that there's no need for it."
Sources at Ratio said no criminal elements were involved in the arbitration process, that it was conducted perfectly cleanly. The company intends to file in the court its firm objection to voiding the arbitration procedure. Adv. Eli Zohar, who represents Ratio and Yigal Landau, declined to comment.
Ratio owns 5.53% of Ratio Oil Exploration (1992) LP (TASE:RATI.L). The price of units in Ratio Oil Exploration (1992) LP has risen 3,890% since the beginning of 2009. Yigal Landau and Ligad Rotlevy each own 40% of Ratio.
Published by Globes [online], Israel business news - www.globes-online.com - on September 15, 2010
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