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December 18, 2013 10:28 am

Israeli Tycoon Nochi Dankner Removed as Chairman of IDB Group

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A view of Tel Aviv, Israel. Photo: Wikimedia Commons.

Israel Hayom – Israeli tycoon Nochi Dankner was removed as chairman of the IDB Group Tuesday, a decade after he took the company over and turned it into the largest conglomerate in Israel. Dankner said he would appeal the decision.

Tel Aviv District Court Judge Eitan Orenstein, who has been presiding over the acrimonious legal battle between Dankner and his creditors, has ruled in favor of what has essentially been a bondholders-sanctioned hostile takeover of the company.

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