Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) controlling shareholder and chairman Lev Leviev was not bowed by today's events. Despite losses of NIS 1.52 billion in the second quarter, reported debts of NIS 10 billion, a dramatic announcement that a new settlement would be reached with bondholders regarding debt and a plunge of 25.5% in the share's price today, Leviev was expressing optimism about the future.
He said, "I am here with my head held high and optimistic. We have nothing to hide or be ashamed about. Africa-Israel is proud of its employees and its investors."
When Leviev was asked where Africa-Israel had gone wrong he replied, "I like to concentrate on the future. What has happened has happened. But our main mistake was the investments in the US.
He said, "I have been working 20 hours a day since the beginning of the crisis. We are well managed and I am convinced that we will successfully get through this latest crisis. I haven't stolen or deceived anyone and have done my best and many people have made money from Africa-Israel's share."
Published by Globes [online], Israel business news - www.globes-online.com - on August 30, 2009
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