Beny Steinmetz Appeals To The Israeli Supreme Court Against Langotsky $15 Million Compensation

Steinmetz has appealed to the Supreme Court against having to pay compensation for 1% of the Tamar field’s value.
Billionaire Beny Steinmetz has appealed to the Supreme Court to overturn last week’s ruling by Tel Aviv District Court Judge Judith Shevach requiring him to pay NIS 50 million (about $15 million) compensation to geologist Dr. Joseph (Yossi) Langotsky. The compensation was for Steinmetz violating an agreement with Langotsky to finance his part of the Tamar gas field exploration drilling.

Steinmetz has in fact requested the right to appeal the Tel Aviv District Court decision not to cancel the arbitration ruling, requiring him to pay the compensation, worth 1% of the value of the natural gas field that was subsequently discovered. The request was accepted by the Supreme Court only after Steinmetz’s lawyers agreed to deposit bank guarantees with the court for the full amount ruled in favor of Langotsky.

–

–

In exchange for accepting the guarantees, Langotsky’s lawyer Adv. Yossi Segev agreed to provide a temporary injunction delaying payment until the request is decided on. A decision on the matter is expected within 10 days.

A source involved in the case told “Globes, ” “Steinmetz’s lawyers have been instructed to do everything possible to prevent 80 year-old Langotsky from getting the money.”

–

Published by Globes [online], Israel business news – www.globes-online.com