The move to London by Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) chairman Lev Leviev hurt the company's image, deputy chairman Nadav Grinshpon told "Globes" today.
Grinshpon and new Africa-Israel CEO Izzy Cohen said that Leviev's move to London helped the company's operations, however. Grinshpon said, "An unpleasant situation has arisen, with huge articles about the house Leviev bought in London, while the share price was falling. This hurt Leviev's religious public in Israel, and journalists found a new punching bag - Africa-Israel."
Grinshpon added that nothing had changed operationally at Africa-Israel. "Leviev moved to be close to his business in locations were he is strong. When he's in Moscow, it has a strong affect on the company; it benefits. While its true that the company's image has undergone a period of damage, we hope that's now behind us."
Cohen added, "I speak with Leviev two or three times a day, and I can feel how much he helps. I see how important the company's success is to him. I'm sure that it will create a lot of value in the coming years."
Published by Globes [online], Israel business news - www.globes-online.com - on June 29, 2008
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