CEO Eli Yones has insisted that Avraham (Beige) Shochat resign as a director because he also serves as a director at Renault and Nissan importer Carasso Motors Ltd.
Mizrahi Tefahot Bank (TASE:MZTF) CEO Eli Yones has insisted that former Minister of Finance Avraham (Beige) Shochat resign as a director because he also serves as a director at Renault and Nissan importer Carasso Motors Ltd. (TASE: CRSO). This made it impossible for the bank to give the company credit, which has bothered Yones for a long time. He asked Shochat to resolve the conflict of interests, but when no progress was made, he wrote to Shochat demanding his resignation.
The bank's board of directors is now meeting to discuss the financial report for the second quarter, and it will probably also discuss Shochat's position. Because of the meeting, Shochat has withdrawn his candidacy for director at the upcoming general shareholders meeting in September.
Published by Globes [online], Israel business news - www.globes-online.com - on August 15, 2012
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