Supervisor of Capital Markets, Insurance and Savings Prof. Oded Sarig has taken an extraordinarily extreme step and seized the shares of Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) held by IDB Holding Corp. Ltd. (TASE:IDBH), controlled by Nochi Dankner. Sarig appointed Moshe Tery as trustee of the company, with immediate effect, because of the crisis at IDB.
On Sunday, a majority of IDB Holding's bondholders voted to take control of the company from Dankner and to distribute the shares between them. Tel Aviv District Court Judge Eitan Orenstin set for Dankner and his new investor, Alexander Granovsky, the challenging condition of depositing NIS 500 million within just a week, as a condition for granting them an extension to draw up a debt settlement proposal for IDB.
Last week, Thai conglomerate CP Group withdrew from a deal to acquire control of Clal Insurance from IDB. Dankner's court deadline to sell at least 27.5% of Clal Insurance expires on Thursday, August 22. IDB is still in talks to sell 30% of Clal Insurance to Hong Kong businessman Li Haifeng, CP Group's partner in the acqusition.
Published by Globes [online], Israel business news - www.globes-online.com - on August 21, 2013
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