PM tells competition panel to step up work
Committee examining competition in Israel's economy likely to recommend preventing business groups from holding both financial and non-financial companies, members say.
The committee examining competition in Israel's economy is likely to recommend preventing business groups from holding both financial and non-financial companies, members said during an emergency meeting Sunday.
Yesterday, Prime Minister Benjamin Netanyahu instructed the committee to move up its deadline. He said the panel should draw up its interim suggestions by the end of August, as opposed to mid-September.
The committee met after Netanyahu made that announcement. He is thought to have been influenced by a letter from the country's top tycoons over the weekend, which expressed support for the social protests. Both the committee's decisions and the protesters' demands are liable to hurt the tycoons' business interests.
The panel's members also believe that corporate pyramid structures could harm investors, and thus intend to recommend taxing dividends paid to companies within a corporate group.
The committee is headed by Finance Ministry director general Haim Shani and Prime Minister's Office director general Eyal Gabbai. Gabbai is departing at the end of August, and Shani announced his resignation yesterday, prompting Netanyahu to ask the group to step up the pace of its work.
National Economic Council head Eugene Kandel is expected to lead the committee in Shani and Gabbai's stead.