Tel Aviv District Court Judge Eitan Orenstin has issued an injunction preventing the regulator from carrying out the move.
In a further twist in the IDB saga, Judge Eitan Orenstin is preventing Supervisor of Capital Markets, Insurance and Savings Prof. Oded Sarig from appointing Moshe Tery as trustee of Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS). This is in response to the objection of Adv. Hagai Olman, the observer on behalf of the court at IDB Holding Corp. Ltd. (TASE:IDBH) (Clal Insurance's ultimate parent company), to the move, which was announced this morning.
"An injunction is hereby given forbidding the supervisor from appointing a trustee to Clal Insurance. Insofar as such an appointment has taken place, it will be immediately suspended," the judge wrote.
Olman argued in his petition to the Tel Aviv District Court that the appointment of a trustee was liable to damage Clal Insurance and the efforts to sell IDB Development's shares in the company.
Published by Globes [online], Israel business news - www.globes-online.com - on August 21, 2013
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