Eduardo Elsztain has resigned as vice chairman of IDB Development after deciding not to exercise his option to invest $75 million in its parent company.
Eduardo Elsztain has resigned as vice chairman of IDB Development Corporation just eight days after being appointed to the post, after announcing on Thursday that he would not exercise his option to invest $75 million in its parent company IDB Holding Corp. Ltd. (TASE:IDBH), controlled by Nochi Dankner.
Esztain decided against the investment, after IDB Holding's bondholders decided to seize control of the company by a 90% vote.
Published by Globes [online], Israel business news - www.globes-online.com - on July 7, 2013
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