A tale of debt and darkness

Eliezer Fishman faces the largest ever bankruptcy of an Israeli businessman. How did the banks allow things to go so far?

By SHLOMO MAITAL
October 31, 2016 17:55
Bank Hapoalim

A Bank Hapoalim branch in Tel Aviv. (photo credit: REUTERS)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analysis from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

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.

Read More...

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content