Gideon Gadot wins the jackpot, again
Twelve years after the uproar about the retirement terms for Mifal Hapayis chairman Gideon Gadot, the national lottery is still taking fire.
Twelve years after the uproar about the retirement terms for Mifal Hapayis chairman Gideon Gadot, the national lottery is still taking fire. The latest claim is that after the lottery compromised and agreed to let Gadot repay money over 10 years, it slipped him $4.2 million in parallel.
Gadot retired from Mifal Hapayis in 1996. His pension went through three courtrooms and ended in arbitration, involving the lottery, the attorney general and Gadot (and two other Mifal Hapayis executives who left with Gadot). In August 2007 the compromise was signed with Attorney General Meni Mazuz's blessing: Gadot was to return NIS 2.06 million.
He was to repay NIS 200,000 on the spot and the rest as NIS 6,719 a month over 10 years. Yet it transpires that two months later, another settlement was reached in Gadot's claim against the lottery, in which he claimed patent violation. Mifal Hapayis told TheMarker that Gadot sued for $17 million, but later claimed that the lottery had been exposed to royalty payments that could reach hundreds of millions of shekels. At the end of 2007, the parties settled and Payis paid Gadot's company $4.2 million. Ergo, two months after Gadot agreed to repay NIS 2.06 million over 10 years, he received eight times more on the spot.