Sources inform ''Globes'' that Doron Ofer will contest his father Yuli Ofer's will, which he changed a year ago after suffering from serious health problems. Doron is demanding that the will written a few months earlier, which divided Yuli Ofer's stake in Ofer Holdings Group between Doron and his sister Leora, be recognized.
There is no dispute that Yuli Ofer has been angry with Doron for years. Doron opposed the family in many deals, including the acquisition of the Ramat Aviv Mall and British-Israel Investments Ltd. (TASE: BRTS) by Melisron Ltd. (TASE: MLSR). A source in the family said, "The tensions did not begin then, but many years before."
The family schism between Yuli and Leora Ofer on one side and Doron on the other began at least ten years ago. Doron obtained a BA in economics from the University of Lancaster and an MA in marine transport from the State University of New York in 1982, and joined the family's real estate business. He quit to make his own way, in part over disagreements with his father.
When Yuli Ofer's will was read last month, Doron was not surprised. Even before Yuli's death, Doron, who resides in London, learned that he had changed his will in favor of Leora, leaving her his entire stake in Ofer Investments.
The change in the will is why Doron has refused to separate Ofer Investments' holdings in Melisron from Mizrahi Tefahot Bank (TASE:MZTF) as demanded by the Bank of Israel as a condition for keeping the company's control license for the bank. This was Doron's way to hedge his rights while his father was still alive.
However, sources in the family claim that Yuli did not initiate the change in his will, but that it was someone in his entourage. Doron, either justifiably or not, believes that certain people sought to distance him from his father toward the end of his life and deepen the schism between them.
Sources close to Leora Ofer say that Yuli sought to balance his estate and rectify previous injustices when he gave Doron his 33% stake in Ofer Shipping Ltd. and other assets. Doron subsequently sold the stake to his uncle Sammy Ofer (now also deceased) and his former brother-in-law Udi Angel.
Published by Globes [online], Israel business news - www.globes-online.com - on October 16, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011