africa israel 248.88.
(photo credit: Courtesy of Africa Israel Residences)
Africa-Israel Investments Ltd. and its US real estate development arm AFI USA
Inc. are being sued by Richard Marin, the former CEO of the US
Marin claims he was fired because he exposed “serious cases
of deals that were done for personal interest, and conflicts of
Marin, who was appointed CEO of AFI USA in 2009, is demanding
a bonus of $1.25 million that was promised him for 2010, as well as incentive
payments and compensation for being fired in December 2010.
suit in the New York State Supreme Court on Thursday claiming that, “This is a
case of a company firing an executive in order to cover up wrongdoing that the
executive discovered and reported.” In response, AFI USA’s lawyer said that
Marin was fired following disagreements with management in Israel regarding
strategy, and accused him of delays in repaying a loan he took from the company
as an advance against his bonus.
In the suit, Marin claims among other
things that Africa-Israel had been managing a building at 23 Wall Street for the
Hong Kong-based holding company China Sonangol that had purchased the asset from
Africa-Israel in 2008.
The lawsuit states that the management contract
was transferred by executives in Israel to two companies – one run by a former
Africa Israel employee, and the other founded by Africa-Israel Chairman Lev
Marin also charges that Sonangol owes Africa- Israel $700,000,
and that senior management forbade him to claim the repayment because the Hong
Kong company has connections with Leviev’s companies not related to real
A spokesman for Africa- Israel said that the company had not yet
looked at the lawsuit and that a detailed account would be given to the court
only after the charges were studied. However, the company stressed that, “The
groundless claims raised by Marin are not new to us. He has been raising them
for several months and we have rejected them each time.
and demands have no basis.
The only reason they are being raised is an
attempt by Marin to get out of repaying a debt in which he is in dispute with
us, and which he owes our subsidiary AFI USA.”