Fallen Israeli Tycoon Pays Biggest of Three Debt Payments He Still Owes

Nochi Dankner pays over $9 million, with the help of his father, bringing total of repayments to over $21 million

Michael Rochvarger
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Nochi Dankner in court in 2016.
Nochi Dankner in court in 2016.Credit: Mor Shauli
Michael Rochvarger

Nochi Dankner, the tycoon who once controlled the IDB group before losing it to creditors in 2014, paid the biggest of three payments to date on the 510 million shekels ($146 million) he still owes banks.

His latest payment was 32 million shekels, which he made with the help of his father, Yitzhak Dankner. It brings to 74 million shekels the total repayments he made since signing an agreement over debts run up by his Tomahawk and Ganden investment vehicles.

The two companies owe the banks in the range of 900 million shekels, but Dankner personally guaranteed only 510 million of it and the rest has been written off. Since then, Dankner has been convicted of securities violations and is now appealing the two-year sentence.