Africa-Israel Investments Ltd. (TASE:AFIL), controlled by chairman Lev Leviev, today reported losses of about NIS 1 billion in 2012 in its fourth quarter and full-year 2012 report.
The loss stemmed from a fall in the fair value of its Russian real estate assets for construction as reported earlier in the year by its Russian development arm AFI Development plc (LSE:AFID), in particular four properties in Moscow.
In the fourth quarter of 2012, Africa-Israel reported a loss of NIS 106 million.
The company may have lost NIS 1 billion but Africa-Israel's seven senior executives earned NIS 20.5 million between them in 2012.
Published by Globes [online], Israel business news - www.globes-online.com - on March 24, 2013
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