Ofers sue Zisser over marina

The Ofer Brothers Group is suing real estate baron Motti Zisser and his group of companies for allegedly neglecting to pay their share of interest on joint loans. The Ofer Brothers, run by Yuli Ofer, claims this amounts to NIS 17.5 million.

During the 1990s, the Ofer Brothers and companies belonging to Zisser allied forces to contend in a tender to build the Ashkelon marina, say the Ofers. They won the tender and took out a joint bank loan to complete the project. Each party undertook to pay its share of interest.

The Ofers provided the guarantees to the bank, they claim.

But the alliance ceased to be at the start of the decade. Under the 'divorce' agreement, the Ofers stepped out of the project and Zisser's group took over, thereby becoming responsible for the project - its fruits and its liabilities. Most pertinently, Zisser and his companies undertook to cover the interest on the loan, the Ofers claim.

Though he continued to cover his own share of the interest, it is alleged that Zisser didn't pay the Ofers' share and the bank therefore dunned the Ofers. In short, from 2001 the Ofers had to pay the bank NIS 17.5 million in interest, having no choice in the matter as they had guaranteed the loan.

Zisser's companies responded that after the Ofers were "trying their luck with baseless lawsuits regarding the Ashkelon marina."