THE situation of Nochi Dankner, one of Israel’s most prominent businessmen, went from bad to worse this week. In December he lost his grip on his heavily indebted business empire, IDB Holding Corporation, when a court approved a rescue plan supported by the group’s creditors that handed control to two rival entrepreneurs. On June 30th prosecutors indicted Mr Dankner for securities fraud, accusing him of manipulating the stockmarket to ensure the success of a sale of shares in the group in 2012. He denies wrongdoing.In May Dan Dankner, a cousin of Nochi, got a three-year jail sentence for bribery and money laundering. That Mr Dankner is a former chairman of Bank Hapoalim, Israel’s biggest bank, and a director of his family’s salt-mining company. He was convicted for his part in a scheme in which Holyland Development Company, a property firm, paid bribes to politicians, including a former prime minister, Ehud Olmert, who was sentenced on the same day. Two Holyland executives, as well as other politicians and officials, also got jail terms.
More bad news for Nochi Dankner These legal moves should help to assuage the anger of those...
from The Economist: Business http://ift.tt/Vi3X5e
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