Bank Leumi has been granted a temporary foreclosure order
against assets belonging to Israeli businessman Ilan Ben-Dov.
The order, issued in court Thursday morning, covers funds
deposited in seven bank branches, properties in Kfar Shmaryahu, and shares of
Ben-Dov Holdings.
Ben-Dov is the majority owner of Suny Electronic, the parent
company of Scailex, which holds a substantial share of Partner Communications
stock. He owes Bank Leumi NIS 62 million.
The order does not apply to Ben-Dov's monthly salary, to his
checking account – which is in overdraft – or to accounts that he holds jointly
with others.
The court ordered Leumi to ensure that the foreclosure does
not surpass the amount owed by Ben-Dov.
The move follows charges leveled at Leumi for failing to
exercise the guarantees provided by Ben-Dov for another company of his, Tao
Tsuot, and for trying to recover the debt from the shrunken kitty available to
the company's creditors as it undergoes liquidation.
Ben-Dov's debt to Leumi came about in 2010 when, as
controlling shareholder of Tao Tsuot, he signed over guarantees to the bank to
secure all the company's debts and liabilities.
Bank Leumi told the court that in 2005 Ben-Dov provided the
bank with an unlimited guarantee which in 2006 became limited to NIS 168
million. In 2010 Ben-Dov signed perpetual guarantees to secure the debt of Tao
Tsuot relating to two accounts held at the bank.
His personally owned I.
Ben-Dov Investments put up the rights to its securities portfolio with a
trading value of NIS 24 million as collateral to secure the guarantee.
Bank Leumi says that last August it told Ben-Dov to pay off
Tao Tsuot's debt, but that Ben-Dov responded by asking the bank to rescind its
demand, explaining that the guarantee was being renegotiated.
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