Ben-Moshe, Elsztain cannot control Clal Insurance

Moti Ben-Moshe and Eduardo Elsztain
Moti Ben-Moshe and Eduardo Elsztain

Director of Capital Market, Insurance and Savings Dorit Salinger has ruled out the proposed control structure.

IDB Development notified the Tel Aviv Stock Exchange today that the Director of Capital Market, Insurance and Savings at the Ministry of Finance, Dorit Salinger, had decided not to give Moti Ben-Moshe and Eduardo Elsztain, the company's controlling shareholders, approval to control subsidiary Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS).

Salinger informed Ben-Moshe and Elsztain that there were material gaps between the control structure and data presented to her, and the requirements set out in the Control of Financial Services (Insurance) Law. In addition, Salinger said that so far less than half of the information and documentation required in order to examine the control application had been received. She also informed the company that, in the light of the existing material gaps, she did not believe that it would be possible to grant a permit for joint control of Clal Insurance, even after all the required information was received.

Published by Globes [online], Israel business news - www.globes-online.com - on September 29, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

Moti Ben-Moshe and Eduardo Elsztain
Moti Ben-Moshe and Eduardo Elsztain
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