Soltam Heirs Near End of Feud Over Father's $200-300m Fortune

Ora Coren
Ora Coren
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Ora Coren
Ora Coren

Family heirs to Soltam founder Shlomo Zabludowicz's fortune are currently negotiating a compromise to divide the estimated $200-300 million.

Siblings Haim (Poju) Zabludowicz and Dr. Rebecca Belldegrun have fought over the inheritance since the latter charged that her brother was making decisions regarding use of the funds without her consent, in violation of their father's will, according to sources close to the family.

The spat hit rock bottom two months ago, when Belldegrun threatened to take her brother to court. The sources added that they expect Haim Zabludowicz to receive the lion's share, and that Belldegrun would have to settle for less than half.

Their Finnish-born father put the fortune into trust funds in Liechtenstein and Gibraltar before his death 10 years ago.

Shlomo Zabludowicz made his millions after establishing arms manufacturer Soltam in the 1950s, in conjunction with Solel Boneh. Later, Koor replaced Solel Boneh as his partner. The Yokneam-based company flourished for more than two decades, sometimes tallying annual sales of $100 million. Its primary clients were Iran and Far Eastern countries. After the Iranian Revolution of 1979, the company's fortunes declined, and Shlomo Zabludowicz sold out his share.

The family currently has real estate and hotel holdings in Yokneam and Herzliya, as well as franchises for Marriot and Renaissance hotels. The family has additional investments in high-tech facilities in the United States and Europe.

Haim Zabludowicz said he does not discuss family matters with the press. Belldegrun said that as discussions with her brother are confidential, and that the arrangement is strictly between the two of them, she is not prepared to comment.

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