Green EV pays NIS 2m. to trustee account for Better Place operation

August 6, 2013 18:49

The Green EV consortium, led by American-Israeli Yosef Abramowitz, paid a sum of NIS 2 million for its Better Place assets into a trustee account on Tuesday, after the group was required to do so by Central District Court Judge Ilan S. Shiloh last week. Shiloh had extended the consortium's deadline to submit a July 31 payment of NIS 3.5m., as the Transportation Ministry had held up the release of Better Place vehicles that the group had planned to sell. 

Instead, Shiloh determined that Green EV must pay NIS 2m. into a trustee account by Monday at 6 p.m., and that the full NIS 3.5m. payment would only be due within 14 days of the ministry's release of the cars. The NIS 2m. will be available to support ongoing company operations in the coming months if necessary.

The consortium "apologized to the court and to the company liquidators for the delay in transferring the sum, which occurred due to the transfer of money from abroad," a statement from Green EV said.

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