During the last year, Shlomo Nehama has been gradually edged out of his various positions in the Arison group. For instance, in March 2006, Arison appointed Efrat Peled as chief executive of Arison Holdings, in Nehama's stead.

In mid-October 2006, Arison wrote to the other shareholders controlling Bank Hapoalim, a group of American shareholders and the Dankner family company Israel Salt Industries, that Nehama no longer represented her for the purposes of voting in the general assembly of shareholders, or in discussions between the partners.

Come the end of November 2006, Nehama (and other directors) left the board of directors at Arison company Housing & Construction.

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In the middle of March 2006, Nehama scored a gigantic exit, selling to Shari Arison his 17 percent interest in Arison Holdings for $180 million. After that, he left his role at Arison Holdings. At the time, Arison clarified that Nehama's status at Bank Hapoalim remained unchanged.

Nehama began his career as an engineer at Eshed, a small company. His great leap forward happened when he met Ted Arison, and was named manager of Arison's business in Israel. At some point Arison rewarded the young man with shares in Arison Holdings: 14 percent, plus options for 3 percent more.

Less than a month ago Rani Rahav, public relations manager for Shari Arison and Bank Hapoalim, denied to TheMarker that Nehama would be leaving Bank Hapoalim ahead of the release of the bank's 2006 financial statement.

Rahav and Ofra Preuss, spokeswoman for the bank, stated: "Shlomo Nehama, chairman of Bank Hapoalim, is committed to a contract with the Arison Group and, therefore, will not be leaving his job in 2007."

Yesterday Rahav explained that their statement reflected the reality at the time: the decision for Nehama to leave was reached afterward.