Israel’s Government has asked the Jewish Agency and Histadrut, the Israel federation of labor, to reduce their holdings in the Zim Israel Navigation Company, thus permitting the Government to increase its Zim holdings, the Cabinet spokesman revealed here today.
The Government, the Agency and Histadrut now own one-third each of the Zim shares. Under the Government proposal, the two other partners would reduce their holdings to 10 percent each, permitting the Government to own 80 percent. The Government has been meeting Zim’s operational deficit. The new ownership plan was recommended by a Ministerial Committee headed by Minister of Justice Yacov S. Shapiro,
The committee also recommended that Zim reduce its passenger department’s operations. These, the committee reported, had been the main reason for the company’s losses. However, the committee held that the passenger department should not be completely liquidated.
JTA has documented Jewish history in real-time for over a century. Keep our journalism strong by joining us in supporting independent, award-winning reporting.
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.
