In view of the proposed deal by IDB Holding Corp. Ltd. (TASE:IDBH) to transfer the controlling interest in Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) to a sister company of IDB Development Corporation, Dr. Ayelet Ben-Ezer, the sister of Bank Leumi (TASE: LUMI) CEO Rakefet Russak-Aminoach has resigned from Koor's board of directors.
Ben-Ezer began her third term as a Koor external director a few months ago, and has served six years in the post. She said, "Following reports about the proposed sale to Koor of Clal Insurance by IDB Development, I hereby announce my resignation as an external director in Koor. I have been informed that this deal is partly subject to obtaining approval from Bank Leumi, where my sister, Rakefet Russak-Aminoach, was recently appointed CEO. It was also brought to my attention that, the Israel Securities Authority will announce an interpretation of the definition of 'affiliation' in Paragraph 240 of the Companies Law, which under the circumstances of the case could interpret this definition to include my service as an external director in the company."
Ben-Ezer adds, "Although I have a legal opinion which states that there is no 'affiliation' under Paragraph 240 of the Companies Law, and the law does not require my resignation from the company's board of directors, under the circumstances which have been created, I believe that it is proper for me to end my term as an external director in the company now."
Published by Globes [online], Israel business news - www.globes-online.com - on January 20, 2013
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