Business in Brief

Ofer family to sell beachfront property in Herzliya for NIS 130 million

The Ofer family, one of Israel's wealthiest, will sell beachfront property in the Israeli city of Herzliya for NIS 130 million to Acro Real Estate and Canada Israel. The 13 dunam property lies north of the city's marina; 44 units are to be built on the site. Agreements were reached between the two companies and Ofer Investments Group; companies controlled by Eyal and Leora Ofer and are expected to be signed in the coming days. The parcel of land was part of a larger 80 dunam lot the Ofer family had been trying to develop since the early 1090s but became entangled in legal proceedings. (Nimrod Bousso)

Yitzhak Tshuva sells remaining stake in Bezalel project for NIS 55 million

Israeli tycoon Yitzhak Tshuva has sold his remaining stake in the Tel Aviv real estate development Bezalel Market project for NIS 55 million through his company Elad Israel Residence to Carasso Real Estate. The project is located on a 16 dunam lot in between Tel Aviv's Tchernichovsky, Yehuda Hamaccabi and Beit Lechem streets and includes plans for two buildings, one eight stories and the other ten stories tall, with 153 apartments and 2,200 square meters of commercial space. Elad sold 50% of the project to Zemach Hammerman for NIS 50 million in 2010, with the latest sale ending its involvement in the project. (Nimrod Bousso)

Former bank branch manager arrested on suspicions of tax evasion

Former Union Bank of Israel branch manager Yitzhak Schweid was arrested yesterday morning on suspicion of evading taxes on $500,000 in income he held in Swiss bank account. He was released on bail while the case proceeds. Schweid, 64, retired from his job three years ago and was arrested due to information the Tax Authority received about Israelis with bank accounts in Switzerland. The Tel Aviv Tax Assessor's office asked Schweid a year and a half ago to submit to the office his tax reports and related documents from 2005 and onward. When he failed to provide a complete set of reports including his foreign bank account, an investigation was opened against him. (Hila Raz)

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