"The crisis that created the opportunity for us to come into the corporation was at the lower level and not at the level of the operating companies, where we see a great deal of value, and mainly high quality human resources that have successfully survived a very difficult period," Saul Lapidus told "Globes" in an exclusive interview. Lapidus is a close confidante of Eduardo Elsztain, who has assumed control of IDB Holding Corp. Ltd. (TASE:IDBH) together with Moti Ben-Moshe and he will soon be appointed to the board of directors of the corporation formerly controlled by Nochi Dankner.
He added, "We believe that with cooperation and a joint vision we can lead a process of support and prosperity for these companies and the entire corporation."
Lapidus, 34, married with five children, was born in Buenos Aires and has graduated from yeshivas in the Argentinean capital, Montreal and Miami. He comes from a family of wealthy industrialists with assets that include a textiles factory that he managed in the past. The Lapidus family is also close to Elsztain on a personal level, and Saul Lapidus himself is one of a group of close friends that travels with Elzstain to visit Jewish holy sites.
On a business level, the closeness between the two families is demonstrated by the fact that Lapidus is one of the partners in the IRSA Group headed by Elzstain.
Elsztain has made it clear in the past that he has no plans to move to Israel and assume a management position at IDB, thus Lapidus will do so on his behalf and will probably immigrate to Israel.
Differences between the partners
According to the agreement between Elsztain and Ben-Moshe, the two will be equal partners in controlling IDB, and for the purpose of investment in the company they have deposited NIS 980 million with the trustee in equal amounts. This is in contradiction to media reports that Ben-Moshe deposited a larger amount than Elsztain.
Despite the winning bid of Elzstain and Ben-Moshe's joint offer, which beat the Dankner-Granovsky consortium, there have in recent days been certain differences between the two winning partners, mainly in their conduct towards the media. While Elsztain and his representatives keep a low profile (Elsztain did not even come to the decisive court hearing yesterday), Ben-Moshe seizes almost every possible opportunity to set out his philosophy.
The peak of this conduct was seen on Sunday, when he presided over a press conference after the judge's ruling and claimed that Dankner had led a "campaign of defamation" against him to blackmail him "to join his investment group with Elsztain.
Lapidus, who sat next to Ben-Moshe during the press conference, preferred to leave before it ended."
Lapidus said, "The fact that Eduardo wasn't at the hearing yesterday doesn't say anything about his level of involvement in IDB's business, or its depth. He has been following this investment for 18 months, and he has been in the process of injecting funds since August. Our level of commitment to IDB is genuine and high. We've put in all the money for investment and regarding future injections we are ready, and we have other investors that want to join. Whichever way you look at it, this is not just another deal from our point of view."
"To stabilize the group"
Despite his low profile, it looks like Elsztain, an experienced businessman, does not intend letting Ben-Moshe be the dominant controlling shareholder in the group on the day after. Tomorrow Elsztain is expected in Israel with a large entourage led by his brother Alejandro who serves as deputy chairman of IRSA, and the company's VP CFO. The purpose of the visit is to examine from close up IDB's companies and help choose a new CEO for the corporation.
Have you already begun the search for a new CEO?
"We will study the groups so as to identify the characteristics of a worthy CEO. The intention is to appoint the most professional person and it is important for us that it will be an Israeli CEO. Our future approach to IDB is that the focus will be in Israel and we see the group as having the greatest importance for the Israeli economy."
During the court hearing, the judge told you that you were receiving very serious companies and that you should be cautious. It doesn't look like you have many days grace.
"True we don't have many days grace, especially because of the complicated situation that IDB is in. It is clear to me that from today I have to work around the clock. Our aim is to put a professional management team at the company's disposal, to stabilize the group, and bring it the quiet it needs after the shake-up it has been through in the past 18 months. It is important for us to strengthen and to build anew what in our opinion must be added."
Published by Globes [online], Israel business news - www.globes-online.com - on January 6, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014