Maccabi Netanya owner, the German-Jewish businessman Daniel Jammer is suing UK stockbroker Nicholas Levene for NIS 40 million in the Tel Aviv District Court. Jammer said that he invested NIS 56 million with Levene, who is currently being investigated in the UK for serious fraud. Despite promises of high returns, Levene has so far, according to Jammer, repaid only NIS 15 million.
Jammer claims that Levene requested to meet him about a year ago for talks about investing in Maccabi Netanya. During their talks Levene proposed that Jammer might want to invest with him because he could get unique allocations for major IPOs overseas that were oversubscribed. During a series of meetings which also involved the wives - Tracey Levene and Elizabeth Jammer, a personal friendship developed between the women, and it was this relationship, which convinced Jammer to invest $15 million in Sarnen Ventures, a Virgin Islands based company.
That money was slated for investment in DB Mobility Logistics, which was scheduled for an IPO on the Frankfurt Stock Exchange. The money was transferred to Levene by Jammer through Bank Hapoalim in Geneva. The public offering was suspended and Levene only repaid NIS 15 million.
Levene has yet to file his defense to the court.
Published by Globes [online], Israel business news - www.globes-online.com - on November 8, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009