A Bank Hapoalim branch in Tel Aviv.
(photo credit: REUTERS)
WITH THE fall of tycoon Nochi Dankner and his IDB pyramid, and with legislation now forbidding holding companies from owning both financial and industrial investments, one might think that the shameful parade of tycoon bankruptcies, financial pyramids and “haircuts” (massively ‘trimming’ what you owe) is over at last.Far from it. The latest and biggest of all involves Eliezer Fishman, Fishman Group and a loan of some 4.5 billion shekels ($1.2b.) that Fishman appears unable to repay. Fishman owes Bank Hapoalim 1.8b. shekels, Bank Leumi 1.7 million shekels, and smaller banks (Mizrahi-Tefahot and Union) several hundred million. The Group’s assets amount to less than half of that sum.
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