The Israel Corporation will show a net profit of not less than IL 34 million this year despite the loss of some $9 million through the failure of financier Tibor Rosenbaum’s companies in Vaduz, Lichtenstein. Israel Gilead, the new managing director of the Israel Corporation, said its favorable financial condition was the result of the increased income of its principal subsidiaries.
Among these, the Zim Israel Navigation Co. grossed $60 million in 1974 compared to $30 million in 1973; the Haifa Refineries IL 69 million as against IL 47 million; and the Petrochemical Industries, IL 32 million compared to IL 10 million in 1973, Gilead reported.
He also disclosed that almost all the Corporation’s shareholders are continuing their investments. Baron Rothschild has increased his holdings by $1.5 million. In addition, Gilead said, contracts have been arranged with several groups and concerns to buy out the debts owed by Rosenbaum to the Israel Corporation for more than $2.5 million.
The loss of $9 million in Rosenbaum’s dubious enterprises has been charged to the Corporation’s former managing director, Michael Tsur, who faces criminal charges of having allegedly invested monies ear-marked for Israel’s capital development in the Vaduz enterprises without the knowledge or consent of the Israel Corporation’s board of directors.
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
