Sources inform ''Globes'' that Israel Discount Bank (TASE: DSCT) has petitioned Tel Aviv District Court Judge Eitan Orenstin to approve the sale of the house in Tel Aviv's Zahala neighborhood owned by Eli Shoshan, an owner of the foreclosed Fore Group, for NIS 13.1 million. The 18-year old 511-square meter house is on a 708-square meter lot at 14 Ehud Street.
In December 2013, the court approved the debt settlement of Fore Group Management and Investments Ltd., owned by brothers Moshe and Eli Shushan and brothers Dov and Gad Slook, and appointed Adv. Hanit Nov as receiver. The petition to sell Eli Shoshan's house is part of this settlement.
Eli and Tali Shoshan bought the house for NIS 11.6 million in 2005. An assessor valued the property at NIS 15 million on the free market, and at NIS 12 million under a forced sale.
The Fore Group became financially troubled because of changes in conditions in the Indian telecommunications market, where it operated. In July 2013, a motion was filed with the court over the company's debts of $65 million. Under the debt settlement, the bulk of the repayment will come from real estate worth $30 million owned by the Shoshan brothers in Israel and overseas. Another of Eli Shoshan's properties, a 460-square meter house on a 2,000-square meter lot in the seaside community of Arsuf, outside Herzliya, is up for sale.
Published by Globes [online], Israel business news - www.globes-online.com - on April 6, 2014
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