Israel’s Richest Tycoon Beny Steinmetz Repays $100 Million Loan Early

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In its second quarter financial reports, Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) referred to the $100 million loan it granted, together with other institutions, to BGS, controlled by businessman Beny Steinmetz and his partner, Austrian company Signa, for the huge KaDaWe department store in Berlin.

In its previous financial reports, Harel noted that the loan had been changed in March this year, and that the signing period for the agreement between the lenders had been extended.

Harel also disclosed that in fact, this loan, which was to have been repaid over a period of years, had already been fully repaid in July, “plus interest, as stipulated in the agreement.” This means that Steinmetz and his Austrian partner repaid the loan several years ahead of the time stipulated in the original loan terms.

Published by Globes [online], Israel business news – www.globes-online.com – on August 20, 2014

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