Despite the fierce opposition of the Supervisor of the Capital Markets, Insurance, and Savings Dorit Salinger, her predecessor Oded Sarig has been appointed chairman of Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) by its controlling shareholder Shlomo Eliahu and the board. Sources inform "Globes" that the appointment now needs to be approved by the shareholders general meeting.
The appointment comes several days after Salinger ruled out Sarig becoming CEO of Eliahu Insurance, Migdal's parent company. While Salinger can disqualify appointees at insurance companies, Migdal Holdings is not under her authority.
Sarig served as Supervisor of the Capital Markets, Insurance, and Savings until August 2013 and his cooling off period ended in September 2014. But Salinger has ruled that Sarig cannot serve in the Eilahu-Migdal Group for three years after being supervisor.
However, the Migdal-Eliahu Group believes there is nothing unlawful in Sarig's appointment.
Published by Globes [online], Israel business news - www.globes-online.com - on January 27, 2015
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