Rimon Ben Shaoul is expected to become a partner in Poalim Technologies, which he will manage. Ben Shaoul and Poalim Investments are denying the report.
"Globes" has learned that Clal Industries and Investments general manager Rimon Ben Shaoul is expected to resign his position shortly and move to Poalim Investments, controlled by the Yitzhak Shrem group. Ben Shaoul has served in his position for three years, after being general manager of Clal Insurance. He was forced to resign that position, following the insurance companies cartel affair. He made Clal Industries one of the largest, most dynamic investment companies in Israel, with promising venture capital investments. The company is traded at a value of $1.5 billion. Ben Shaoul and Poalim Investments deny the report.
It cannot be ruled out that Ben Shaoul's expected resignation is due to the rumored merger of the parent company, Clal Israel, with the controlling group, IDB Development. This move will upset Clal's current hierarchy. In addition, Ben Shaoul is expected to become a partner in businesses managed by Poalim Investments, a status he could not have received in the Clal concern.
In Poalim Investments, Ben Shaoul is expected to be a partner and to manage the Poalim Technologies subsidiary, which will include the group's past and future start-up investments. These investments currently constitute an investment portfolio with over 20 technology ventures.
Published by Israel's Business Arena on May 22, 2000