The Grodecki family claims that brothers Asher and Shlomi Fogel are planning to sell a controlling interest in Ampa Ltd., the Ampa group parent company. The Grodecki family, which formerly controlled the company, still owns a minority interest in it.
The Grodecki family is hinting that it is interested in regaining control of the company. The family accuses the Fogel brothers and their partners, including Jordache chairman Joe Nakash, of concealing essential information from it, and of taking action behind its back issues of great importance to the company’s future.
Shlomi Fogel, a partner in the controlling interest in Israel Shipyards, and his brother acquired control of Ampa Ltd. from the family of Oded Grodecki for $45 million in 1998. They financed the acquisition with a non-recourse loan from Bank Hapoalim, and have lost tens of millions of shekels on paper on the deal to date.
Ampa Investment Co. (TASE: AMINV), controlled by Ampa Ltd., lost NIS 5.64 million in January-September 2004. Ampa Ltd. also owns Ampa Real Estate, and Ampa Industries is a partner with the Central Bottling Company (Coca Cola Israel) in bottle manufacturer Amraz Ltd.
At the request of a company owned by the Grodecki family, the Tel Aviv District Court issued a temporary ex parte injunction restraining the Fogel group from instituting any change whatsoever in the ownership of Ampa.
Published by Globes [online], Israel business news - www.globes.co.il - on January 3, 2005