Nochi Dankner, the former controlling owner of the IDB Group, is expected to be declared bankrupt after informing the Tel Aviv Magistrate's Court that he no longer opposes the opening of insolvency proceedings against him. The motion was filed by four major Israeli banks — Leumi, Hapoalim, Mizrahi Tefahot, and Discount — over a debt of approximately 550 million shekels, including interest and indexation.
Nochi Dankner, 68, who once controlled the sprawling IDB conglomerate — then Israel's largest holding company — faces a personal bankruptcy declaration after telling the Tel Aviv Magistrate's Court on Wednesday that he will not oppose insolvency proceedings. The petition was filed by Bank Leumi, Bank Hapoalim, Bank Mizrahi Tefahot, and Discount Bank, seeking to recover a debt of roughly 550 million shekels (about $145 million), including interest and indexation.
Dankner lost control of IDB in 2013 after a debt restructuring, and has since been involved in a series of legal and financial entanglements. The court's expected ruling would mark a formal end to his era as one of Israel's most prominent businessmen. The exact timeline for the ruling is not yet known; the banks' motion now proceeds without his objection.
3 developments
- DevelopingNochi Dankner's last major real estate asset — 'Ivory House' in Jerusalem — put up for sale as part of insolvency proceedings
- DevelopingBennett defamation case ends with retraction, charity payment
- DevelopingNIOC bank accounts frozen by state-owned lender over mounting debt
- DevelopingNetanyahu: 'Iran met despair' as 60-day deadline looms, no cash will be paid
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