Soon-to-be Controlling Shareholders of IDB Agree to Publish Confidential Financial Report

Hearing on transfer of control to Eduardo Elsztain, Moti Ben-Moshe due Sunday.

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Scrutiny of the finances of Moti Ben-Moshe and Eduardo Elsztain continues to delay their receipt of control of IDB Holding Corporation. A hearing on the matter is scheduled for 1 P.M. Sunday in Tel Aviv District Court.

On Friday the IDB group’s putative new controlling shareholders said in a document submitted to the court that it does not oppose the publication of a confidential report into its legal and financial affairs, ordered by Judge Eitan Orenstein, but asked that the transfer of power be carried out immediately.

A decision had been expected on the handover had previously been expected before the end of 2013. Ben-Moshe’s major business interest is his ExtraHolding firm; Elsztain is a leading Argentine Jewish businessman.

Documents were provided to investigators by the Israel Securities Authority, the official Public Receiver and Hagai Ullman, the court- appointed observer.

Orenstein had previously decided on his own initiative not to make the report public for now. He asked Ben-Moshe and Elsztain for their input in light of the potential damage disclosure could cause them.

The Extra Holdings-Elsztain group told the court it had given the investigators all the information they had requested and more and that in principle it had no objection to disclosure but wanted to see the report before making a final decision. It said it was taking this stance only to ensure that confidential business information that is not relevant to the IDB case not be disclosed, adding that generally reports of this kind are not disclosed. In addition, the group said, any sections designated confidential by the regulatory bodies behind the report should remain so.

Moti Ben-Moshe (left) after the court awarded his consortium control of IDB.Credit: Tomer Appelbaum

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