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.
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.