At least one person is deeply displeased at Bank Hapoalim's reported intention to write off real estate magnate Moti Zisser's debt. Itay Adam, the CEO of Cliconomy, has posted an open letter on Facebook, urging Bank Hapoalim CEO Zion Kenan to reconsider.
Earlier this week TheMarker reported that Bank Hapoalim and others plan to write off hundreds of millions of shekels owed by Zisser’s private company Europe-Israel.
Europe-Israel owes NIS 1 billion to Bank Hapoalim, NIS 2.5 billion to bondholders and NIS 60 million to Bank Leumi. The company's listed subsidiary Elbit Imaging, of which Zisser is CEO and controlling shareholder, is also in serious financial straits. Its market cap has shrunk from NIS 6 billion to less than NIS 200 million and it too can't meet its liabilities without a debt settlement.
“We will not allow this. Where do you think you’re living, Zion? Do you think we’ll let this pass?” wrote Adam. In addition to his letter, Adam posted a photo of Zisser’s house in Kfar Ganim in Petah Tikva, showing the bowling alley and “the glitz, the gold and the tasteless ostentation screaming from every corner”.
Meanwhile Hapoalim is considering whether to foreclose on Elbit Imaging’s shares and on Zisser's personal guarantees.
“Believe me, Mr Kenan,” wrote Adam, “we will wage a merciless campaign against your institution. We will expose you all. Everything will be uncovered. You and your cronies in high places will feel our impact... Our course of action this time will leave you vanquished, frightened and defiled, in the same manner as you have left us with your brutal, so-called ‘legal’ actions. Only last week, Leumi CEO Rakefet Russak-Aminoach attempted to write off NIS 150 million of [business baron] Nochi Dankner’s debts, but was forced to retreat when she realized that it wouldn't pass, and that the public, the real owners of the bank, would not allow it. I don’t understand you Zion. Do you think we’ll put up with this?”
Adam then goes on to show how Moti Zisser lives.
"The following photos are from inside Zisser’s property," he wrote. "As you can see, they show the bowling alley, Zisser’s taste and love for the Louis XIV period, the gold, glitz and the ostentation apparent in every corner. If this property were mine, you would be sending the Shohar collecting agency that, with verbal and physical violence, would start impounding everything in sight, as you have done in the past to me and my parents, denying any efforts we made to negotiate.
“You’ve got it wrong, Mr Kenan. I forgive you. Now, so as things won’t get out of hand, you’re requested to announce that no debt erasure will take place. We expect to see this happen in the coming week. Otherwise, on May 20, we will open a campaign, so justified and right, aimed against you.”
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