Beny Steinmetz must pay Langotsky NIS 50m

The Supreme Court rejected Steinmetz's request to appeal the Tamar ruling.

Billionaire Beny Steinmetz must pay NIS 50 million to Dr. Joseph (Yossi) Langotsky for violating his agreement to pay the geologist's share of the Tamar gas field drilling.

The Supreme Court this morning rejected Steinmetz's request for the right to appeal last week's ruling by Tel Aviv District Court Judge Judith Shevach not to cancel the arbitration ruling by Boaz Okun, requiring him to pay the compensation, worth 1% of the value of the natural gas field that was subsequently discovered.

The Supreme Court decision ends any hope Steinmetz had of not having to pay the compensation through his company Scorpio Real Estate Ltd. (TASE: SCRP.B1). Steinmetz must now pay the compensation immediately.

Published by Globes [online], Israel business news - www.globes-online.com - on March 20, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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