Court Extends NIS 55m Seizure Order on Tycoon Gaydamak's Assets

Attorney says seizure orders and claims aldready filed on about NIS 260 million in assets in Israel.

The Tel Aviv District Court on Monday agreed to expand a temporary seizure order on tycoon Arcadi Gaydamak's assets by NIS 55 million, and to extend the order for a fourth time. The court accepted the request of creditor Joseph Troim.

Gaydamak reportedly left the country this week, with his financial situation worsening and the threat of criminal charges hanging over him.

The assets in question include land at Jerusalem's Bikur Holim Hospital, shares and rights in Ameris Holdings, which are currently being held in trust, land rights to a plot on 39 Havatzelet St. in Herzliya, a yacht moored at the Herzliya marina, and $5 million in funds and securities which Gaydamak was required to deposit with the police for being allowed to leave the country.

The court, however, rejected Troim's request to place a seizure order on Gaydamak's foreign assets. These include an investment firm and an egg company in Russia, the English soccer team Portsmouth, three apartments in Moscow and a luxurious estate in Russia, two private jets, a fleet of cars, the newspaper and Web site Business, rights to Siberian oil fields, an apartment in Toronto, and two apartments and an estate in Paris.

Last August an arbitrator ordered Gaydamak to pay NIS 50 million to Troim, a local businessman, ending the dispute over the sale of a phosphate plant in Kazakhstan. Troim currently holds seizure orders for Gaydamak's land rights in Caesarea - cashable for an estimated NIS 35.8 million - and his NIS 2.4 million apartment in Jerusalem's Kfar David neighborhood.

Seizure orders have already been placed on Gaydamak's car, worth up to NIS 300,000, Ocif shares worth NIS 1 million, Gaydamak's rights in the sale of the Beitar Jerusalem soccer team, and the contents of his homes in Jerusalem and Caesarea.

Troim's attorney told the court that the temporary seizure orders had been in place since 2005, but have recently been extended in light of Gaydamak's additional debts.

The attorney added that seizure orders and claims on other assets in Israel totaling about NIS 260 million have already been filed. Troim's lawyer said the division of the assets among all of Gaydamak's creditors will leave Troim with no more than NIS 11.5 million.