IDB sells Nochi Dankner's executive jet

IDB Development sold its Bombardier Challenger 604 corporate jet for $9.5 million, less than half the $26 million it paid for the plane in 2008.

IDB Development Corporation, a wholly owned subsidiary of IDB Holding Corp. Ltd. (TASE:IDBH), controlled by Nochi Dankner, has sold its Bombardier Challenger 604 corporate jet for $9.5 million, less than half the $26 million it paid for the plane in 2008. The company bought the plane, manufactured in 2006, second hand. The 12-passenger jet has a range of 7,400 kilometers. It was used to carry Dankner and other IDB executives to North America, India, and the Far East.

IDB put the plane up for sale in July 2012, but only sold it now. It will be delivered to the buyer in August.

Although, in financial terms, compared with IDB Holding and IDB Development's debts, the sale of the plane in negligible, it is symbolic. Executive jets have been the target of public criticism of tycoons, especially tycoons, like Dankner, undergoing debt settlements

Dankner follows other tycoons, notably Africa-Israel Investments Ltd. (TASE:AFIL) chairman Lev Leviev, who have sold their executive jets as their companies were in debt settlement talks.

Published by Globes [online], Israel business news - www.globes-online.com - on July 28, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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