Court Approves Haredi-Led Consortium to Take Over IDB Conglomerate

A Tel Aviv court Tuesday has rejected arguments from embattled billionaire Nochi Dankner and has given its stamp of approval to allow a consortium, led by a South American Haredi businessman, to take control of the mammoth IDF holding company.

Dankner’s lawyers said they are considering whether to appeal the decision that accepted a creditors’ decision to let Argentine billionaire and Chabad follower Eduardo Elsztain Ben-Moshe and Modi’in entrepreneur Motti Ben-Moshe buy 75 percent control of IDB. The conglomerate, which has suffered heavy losses, controls a hefty amount of Israel’s manufacturing and also includes a large supermarket chain.