Israeli Securities Authority: “Postpone the Derivative Claim Against Bezeq”

This morning, the ISA declared to the court that “seeing as this is a complex, extensive investigation that involves many people, which is only in its early stages, the ISA’s position is that the procedure’s progress should be postponed.” The request for approval of the derivative claim was filed by Gil Amid by counsel Adv. Ronen Adini in March 2015, next to the approval around the approval of the acquisition of Yes’ remaining shares from Eurocom (owned by Shaul Elovitch) by Bezeq, which is also controlled by Elovitch. In the petition, it was claimed that, among other things, the proceeds paid by Bezeq to Eurocom were excessive, inequitable, and financially unreasonable for Bezeq, and that the defendants – Bezeq, the Controlling Shareholder Saul Elovitch, and directors – have violated their duty of trust and care to Bezeq when they approved the transaction.

Read the full article in The Marker