ROY VERMUS 58.
(photo credit: Psagot CEO Roy Vermus)
Apax Partners Israel CEO Zehavit Cohen has won a victory. The High Court of
Justice on Wednesday dismissed a petition by Psagot Investment House Ltd. CEO
Roy Vermus for a temporary injunction against the plea bargain between Apax, the
Israel Securities Authority, and the State Prosecutor. The plea included the
ouster of Vermus from his position, and allowed Apax to acquire
“Under the circumstances of the case, the employer (Apax) should
not be compelled to continue the employment of the petitioners (Vermus), and
definitely should not be compelled to do so by an injunction issued by the High
Court of Justice,” said High Court of Justice Judge Asher Grunis.
dismissed all of Vermus’ arguments one after the other, but this is still not
the final decision.
“Since the petition for a temporary injunction is
dismissed, and considering the reasons mentioned for the dismissal, the grounds
for the appeal to a large extent fall away,” wrote Grunis.
however that due to the fact that the Attorney General did not file a response
to the petition, because of the strike action performed by state-employed
lawyers, Vermus’s petition will be heard by a panel of three
Legal sources though believe that the hearing is a mere
Grunis though accepted the argument of delay. Vermus delayed
filing the petition even though he knew for a long time that the Securities
Authority would not allow the acquisition of Psagot on terms acceptable to Apax
if he continued as CEO of Psagot. He nevertheless filed his petition only after
the deal was completed. Grunis agreed with the argument that Vermus delayed
filing his petition because he made tens of million of shekels on the
“Apparently, were it not for the transaction, the petitioner would
not have received this money,” wrote Grunis.