Court rules Leumi can seize Delek Drilling shares

Yitzhak Tshuva  / Photo: Einat Levron , Globes

Delek, controlled by Yitzhak Tshuva has until May 14 to lodge an appeal with the Supreme Court.

Tel Aviv District Court Judge Hagai Brenner has dismissed the request by Delek Group Ltd. (TASE: DLEKG) for a temporary injunction prohibiting Bank Leumi (TASE: LUMI) from exercising the lien it has on 67.35 million partnership units in Delek Drilling LP (TASE: DEDR.L). Judge Brenner also cancelled the temporary injunction on the matter that he issued last week until yesterday's hearing.

Judge Brenner also ordered Delek Group, controlled by Yitzhak Tshuva, to deposit NIS 50 million with Leumi as an assurance against damages for any delay in implementing the sale because of a Supreme Court petition. Delek has until May 14 to lodge any such petition.

Delek unit Delek Energy has a debt of about NIS 100 million to Bank Leumi.

Leumi was represented by Advs. Ofer Shapira and Gil Bachar from Shapira & Co. Advocates.  

Published by Globes, Israel business news - www.globes-online.com - on May 7, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Yitzhak Tshuva  / Photo: Einat Levron , Globes
Yitzhak Tshuva / Photo: Einat Levron , Globes
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