Securities Authority raids Boymelgreen, Azorim

By YAEL GRUNTMAN
November 18, 2010 00:13

In a notice to the TASE, companies said the Securities Authority is investigating suspected violations of the Securities Law.




Securities Authority raids Boymelgreen, Azorim

office building 88. (photo credit: )

Israel Securities Authority investigators on Wednesday raided the offices of Boymelgreen Capital Ltd. and its subsidiary Azorim Investment, Development and Construction Ltd. The companies handed over various documents, and executives were questioned.

In a notice to the TASE, the companies said, to the best of their knowledge, the Securities Authority is investigating suspected violations of the Securities Law.

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Boymelgreen Capital, controlled by Shaya Boymelgreen, owns 64 percent of Azorim. Azorim, run by CEO David Netzer, is a developer in one of Israel’s hottest markets: residential properties. Despite this, the company is financially troubled and reports heavy losses each quarter.

Azorim is up for sale, and the names of several prominent businessmen have been mentioned as possible buyers. Last month, Globes reported that Success Parking Ltd. owner Tsahi Merkur had joined the list of parties seeking to acquire the company, alongside Yakir Sha’ashua and Pangaea Real Estate Ltd.


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