The heirs of the late Yuli Ofer, Leora Ofer and her younger brother, Doron Ofer, may be close to a settlement mediated by Eli Elroy, an associate of their cousin, Eyal Ofer, and which resolves the dispute over Ofer Investments Ltd. in which Leora and Doron each own 15%. Six months ago, in July 2012, the well-publicized dispute between the siblings worsened when Doron sued Ofer Investments over its conduct.
Sources inform ''Globes'' that Elroy, a director in Ofer Investments on behalf of Eyal Ofer, has been mediating between Doron and Leora Ofer for several weeks in their dispute over their inheritance in Ofer Investments. The sources added that negotiations between the parties are at a very advanced stage, thanks to Elroy's mediation, and that the siblings are close to agreements which will settle Doron's lawsuit against Ofer Investments filed with the Tel Aviv District Court.
Eyal Ofer is the son of the late Sammy Ofer, Yuli Ofer's brother. Doron and Leora Ofer both serve as directors in Ofer Investments, which owns the 20% controlling interest in Mizrahi Tefahot Bank (TASE:MZTF) together with Mozi Wertheim, the controlling interest in malls owner Melisron Ltd. (TASE: MLSR), and other companies.
Yuli Ofer owned Ofer Investments for 54 years. His heirs began their battle a week after his death in September 2011, following the opening of his last will, written in November 2008, and the discovery that Yuli Ofer left two wills behind him. In the first will, he divided his shares in Ofer Investments equally between his two children; in the last will, he left all his shares in the company to Leora.
Liora and Doron Ofer are still battling the wills behind closed doors at the Tel Aviv Family Affairs Court. As part of this battle, Doron Ofer has increased his involvement in Ofer Investments' subsidiaries, including nominating himself as a director in Mizrahi Tefahot Bank, an act that annoys his sister.
The battle reached a climax in July 2012, when Doron Ofer filed a suit against Ofer Investments with the Tel Aviv District Court for Economic Affairs. He demanded the company hand over documents, including minutes of general shareholder meetings and board meetings, in order to uncover alleged problematic measures, which he believes were made by the company and Leora Ofer behind his back, and which he believes were not in the company's interests. The lawsuit caused recriminations and mutual charges between the siblings.
At this point, in view of the wide gaps between the parties and the media leaks, which harmed the Ofer family's image, Elroy stepped in to mediate between the siblings, and was accepted by them. He is apparently focusing his efforts on placating Doron, who is furious at Leora's conduct, which he claims deprives him of his rights and harms the company.
If Elroy's mediation succeeds, and Doron and Leora Ofer settle their legal dispute, the agreements will presumably pave the way to more understandings between the siblings in their dispute over their late father's billions.
The parties declined to comment on the report.
Published by Globes [online], Israel business news - www.globes-online.com - on January 28, 2013
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