Published On: Thu, Aug 20th, 2015

Beny Steinmetz in Talks to Buy 40 Percent JEC Stake for $105 Million

Move would help clear some of Fishman’s $386 million debt to the bank

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Bank Leumi is in advanced talks to sell a controlling stake in real estate developer Jerusalem Economy to billionaire Beny Steinmetz, as the bank seeks to claw back some of the money JEC’s majority shareholder, Eliezer Fishman, owes it.

Sources said Steinmetz is likely to pay $105.3 million for the 40% holding in JEC that Fishman pledged as collateral to Leumi against the 1.5 billion shekels the tycoon owes.

Read the full story at Haaretz by Michael Rochvarger

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