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The Tel Aviv District Court on Sunday postponed the hearing in the arbitration affair of Clal Finance Batucha against trader Eli Aroch, who had won NIS 95 million in the proceeding.
District Court Judge Yehuda Zaft suspended the hearing for the annulment of the arbitration ruling requested by Clal Finance Batucha until further notice because of a related case pending at the Supreme Court.
About three months ago, the arbitrator Yakov Meletz - a retired High Court judge - ruled in favor of the award to Aroch. Clal Finance Batucha immediately vowed to overturn the arbitration agreement and appealed to the Supreme Court. The appeal for the annulment of the arbitration agreement is due to be heard only on February 7, 2007. If the arbitration agreement were to be overturned, the ruling also would be void. Therefore, Zaft said on Sunday there was no point in scheduling the hearing before the Supreme Court gave its verdict.
In the affair, which started back in 1999, Aroch alleged that Clal Finance Batucha, formerly Ilanot Batucha, failed to honor his orders by acting at its own discretion and as a result causing him huge losses. IDB, which owns Clal Finance Batucha, hired star attorney Ram Caspi to get the ruling overturned.
Separately, Clal Finance Batucha on Sunday handed over new evidence to the Bat Yam police department against Aroch, which allegedly proves that Aroch's court evidence in the affair was based on fake documents. The documents were provided to Clal Finance Batucha by David Shiloach, Aroch's right hand man.
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