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Israeli businessman Motti Zisser, 60, dies

Motti Zisser
Motti Zisser
23 Jun, 2016 10:11
שלח תגובה במיילGlobes correspondent

The former controlling shareholder in Elbit Imaging Systems has succumbed to cancer.

Israeli businessman Motti Zisser, 60, died this morning in Sheba Medical Center at Tel Hashomer after succumbing to cancer. Over the years, he has been a major player in Israel's business community, and was best known as the former controlling shareholder of real estate company Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) and he also privately owned Europe-Israel. He is survived by his wife Dr. Bracha Zisser and five children.

Zisser was first diagnosed with cancer back in 1994 but he recovered and built a hugely successful business. He and his wife founded a bone marrow bank to which he donated $20 million of his own money.

After many successful years in business, Elbit Imaging found itself in dire financial straits in 2013, and Zisser was forced to negotiate a NIS 2.5 billion debt settlement the largest debt settlement in Israel's history. NIS 1.8 billion of the debt was written off - a 70% haircut and Zisser was forced to relinquish control of Elbit Imaging. To make matters worse, his house in Petah Tikva was foreclosed by Bank Hapoalim (TASE: POLI) to pay NIS 16 million in personal debt.

Published by Globes [online], Israel business news - www.globes-online.com - on June 23, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Motti Zisser
Motti Zisser
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