Israel Corporation

Source: Wikipedia, the free encyclopedia.
Israel Corporation Ltd.
WebsiteIsraelCorp.com

Israel Corporation (

Government of the State of Israel
.

50% of its manufacturing activities and 70% of its consolidated revenues derive from global operations. Its core holdings are

Oil Refineries Ltd are also constituents of the TA-35 Index.[2]

History

The Israel Corp was founded by the government of Israel in 1968, together with Shaul Eisenberg, who was one of the first strategic foreign investors in Israeli history, under the initiative of then Minister of Finance, Pinchas Sapir of the Israeli Labor Party, who changed the Encouragement of Capital Investments Law to attract foreign investment. The change ensured that the company's owners were exempt from taxes for 30 years and received other benefits.[3]

In 1975, the director general of Israel Corp, Michael Tzur, was sentenced to 15 years in prison after he was convicted on 18 counts of embezzlement, theft, fraud and bribery.[4][5] He was released from prison in 1981.[6]

Shares of the company were offered to the public in 1969, 1970, 1974 and 1982, and the company was listed on the Tel Aviv Stock Exchange in 1982. After Eisenberg's death in 1998, the family sold control of the company to the Ofer family.

In 2007, 55% of the equity of the company was held by the

Ofer Brothers Group, 18% by Bank Leumi and the remainder by the public.[7]

Major holdings

Israel Corp's major holdings are

Zim Integrated Shipping Services
.

Criticism

The Israel Corporation was criticized in a

Bazan
sale incident, in which the company's stake in the country's largest oil refinery was bought out by Israel's treasury, for what many considered to be an overvalued sum, especially since Israel Corp. was bound by an agreement to return its holding of Bazan to the state without compensation. The company had allegedly blocked the film from being broadcast on any of Israel's commercial TV channels, and it was finally broadcast on Channel One.

See also

References

  1. ^ "Israel Corp, Ltd. home page". Retrieved 2009-10-15.
  2. ^ TASE Market Cap Indices - TA 25, archived from the original on 2008-10-10, retrieved 2009-10-07
  3. ^ Globes – "60 most important economic events in Israel's history" In Hebrew, retrieved 2009-10-07
  4. ^ "Tzur Hit with 18-count Indictment". Jewish Telegraphic Agency. 10 April 1975. Retrieved 12 January 2016.
  5. ^ "Report on the Israel Corporation". Jewish Telegraphic Agency. 1 February 1977. Retrieved 12 January 2016.
  6. ^ "Michael Tzur Gets Ten Months Cut in Prison Term". Jewish Telegraphic Agency. 10 June 1981. Retrieved 12 January 2016.
  7. ^ Israel Corp - Company History, retrieved 2009-10-07

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Israel_Corporation&oldid=1217524223"