Judge Ephraim Laron, president of the Beer Sheva district court, today issued a temporary injunction prohibiting Moshe Boblil and Nissan Khakshouri from making any use, or from depositing in a bank account under their ownership, the $55 million capital gain they made by selling to Piraeus Bank 20% of the casino in the Greek city of Lutraki.
Judge Laron yesterday rejected a similar application filed by Nissim Yaniv. Yaniv holds 18.5% of Club Hotel Eilat, which is controlled by Boblil and Khakshouri. Judge Laron ruled that he did not see any grounds for issuing an injunction on the basis of a report carried by a Greek newspaper. Following the notice served to the Tel Aviv Stock Exchange concerning the deal, Yaniv renewed his application today.
Club Hotel Eilat set up the casino in Lutraki, at a $30 million investment, in partnership with Resido Fibi and Miloumor. Yaniv argued that he, too, was entitled to a proportionate part of the casino’s shares, since Club Hotel Eilat, in which he is a partner, had invested in the Lutraki casino.
Yaniv claimed that he had a well-established suspicion that Boblil and Khakshouri were planning to transfer the $55 million to a separate bank account under their ownership, rather than to Club Hotel Eilat’s bank account.
In his temporary injunction application today, Yaniv argued that Boblil and Khakshouri were trying to dispossess him of his assets and holdings in companies and bodies owned by Club Hotel Eilat. According to Yaniv, the two were operating contrary to a court decision and court injunctions requiring them to notify him of any information bearing on a Lutraki deal 48 hours before its is carried out.
Judge Laron issued a temporary injunction valid until October 5, 1999, on which date a debate will be held on all applications and petitions filed by Yaniv, Boblil, and Khakshouri.
Published by Israel's Business Arena September 22, 1999