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El Al to Seek Chase Manhattan Loan Although Several Board Members Oppose It

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El Al, Israel’s national airline, may seek a loan from the Chase Manhattan Bank although the commander of the Israel Air Force and several members of its board of directors are opposed. According to the newspaper Yediot Ahronot, the matter came up at a recent board meeting. The Air Force commander objected to Chase Manhattan because its president, David Rockefeller, was one of a group of American oil men and industrialists who sought to influence President Richard M. Nixon to adopt a pro-Arab stand in the Middle East. He was supported by a number of board members, but not by the chairman, former Minister of Transport Moshe Carmel, who said the question had to be discussed with the Finance Minister and Minister of Foreign Affairs, the newspaper reported.

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