The battle between the heirs of the late Yuli Ofer has escalated as his son, Doron Ofer, has nominated himself a candidate for a directorship at Mizrahi Tefahot Bank (TASE:MZTF), a holding of Ofer Investments Ltd., thereby directly challenging his sister, Leora Ofer.
Doron owns 15% of Ofer Investments, which owns 20% of Mizrahi Tefahot Bank, but he is nominating himself as a director on his own behalf, and not on behalf of Ofer Investments. He has not been involved with the bank for years, and, so far as is know, this is the first time that he has nominated himself as a director in it. The move is reportedly tactical in the inheritance battle against his sister.
The rest of the Ofer family is furious at Doron. A source close to the family said, "Doron Ofer will stoop to any conduct. As a person holding a bank, he must conduct himself differently, applying high standards."
Sources doubt that Doron Ofer has any real chance of being elected, but should that happen, it would be a major embarrassment for Leora Ofer, who is a director in the bank.
Ofer Investments declined to comment on the report.
The election for Mizrahi Tefahot Bank directors will be held in September.
The rift between Doron and Leora Ofer began last year after the death of their father Yuli Ofer, and the subsequent revelation by "Globes" that he had left his entire estate to Leora and nothing to Doron.
The spat between the Ofers is the second storm hitting the bank's upcoming elections. Earlier in August, Eyal Ofer, one of the bank's controlling shareholders, and a first cousin of Doron and Leora, informed director Avraham Shochat that he would not support's Shochat's reelection, resulting in an ongoing dispute between Shochat and bank CEO Eli Yones.
Published by Globes [online], Israel business news - www.globes-online.com - on August 26, 2012
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