"There is no reason not to transfer control of IDB Holding Corp. Ltd. (TASE:IDBH) to the consortium of Elsztain and Ben-Moshe," ruled Tel Aviv District Court Judge Eitan Orenstin today. "There is no evidence of an improper source of the money. The review team found that Ben-Moshe controls all his companies."
The ruling reaffirms the previous decision to take IDB from Nochi Dankner. Judge Orenstin gave Ben-Moshe and Eduardo Elsztain 14 days to transfer the money.
Orenstin added, "The group being examined fully cooperated." He concluded, "The report and its appendices show that the controlling shareholders met all their duty of disclosure, there was no deficiency in the findings that would cut the ground from under the debt settlement."
Until the transfer of control of IDB, its trustees, Eyal Gabai and Adv. Hagai Ullman, will be responsible for executing the debt settlement. "We are putting important companies in your hands," said Orenstin. "Be careful. This isn't your money. Good luck."
Dankner's attorney did not give up, and asked for a ten-day stay. "There is no way back," he said.
Ben-Moshe and Elsztain will give a joint statement to the media later today.
Published by Globes [online], Israel business news - www.globes-online.com - on January 5, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014