"Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) once was an amazing company, like an Israeli consumer company should be. At some point when such a company loses its manufacturing vision and engages in leveraged deals, this is tycoonization. When you suck value from a company without contributing anything to it, you're a tycoon," said Labor Party chairwoman MK Shelly Yachimovich at the Journalists Conference in Eilat today.
"If there is a company that pays a tax rate of 0.3%, something is not right in the country," she added.
Yachimovch told journalist Niv Raskin, When Nochi Dankner bought Makhteshim Agan Industries Ltd., a manufacturing company, and then made an exit in favor of a Chinese company, jeopardizing the future of the plant, this does not create jobs; it destroys jobs. Those who only play in the financial world and make leveraged deals ultimately contribute nothing to Israeli society. There is an industry that does contribute to Israeli industry, and we should put it on a pedestal."
Yachimovich said that Minister of Finance Yair Lapid should have made a tax assessment as if for any ordinary business in order to collect the trapped profits and not "ask for them."
Published by Globes [online], Israel business news - www.globes-online.com - on November 12, 2013
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