13.03.2012 19.Adar. 5772
Africa-Israel Investments is still struggling two years after its agonizing NIS 8 billion debt settlement with its bondholders and bank creditors.
Two years after its agonizing NIS 8 billion debt settlement with its bondholders and bank creditors, Africa-Israel Investments is still struggling to get back on track and restore confidence among its investors. But the company's biggest loser of all remains its controlling owner, Lev Leviev.
Leviev has poured a total of NIS 3.2 billion into his Africa investment: including about NIS 780 million 15 years ago when the diamond merchant paid Bank Leumi for his initial 60% stake in the real estate and infrastructure empire, NIS 1.1 billion for another 15.8% stake held by Bank Leumi in 2006, NIS 780 million in June 2008 in the framework of a NIS 1 billion warrants issue, NIS 400 million as part of the debt settlement – and he'll need to add another NIS 350 million if he wants to maintain his remaining 47% stake in the company….