IDB Holding Corp. Ltd. (TASE:IDBH) controlling shareholder has responded to Adv. Hagai Olman, the court appointed external observer on IDB, in a letter sent yesterday saying that there will soon be major investment in IDB Development Corporation Ltd.
The letter was a reply to Olman who claimed that, "There has not been enough progress and matters are not even close to moving towards a proper debt settlement for IDB Holdings or an agreed solution for IDB Development."
Dankner wrote, "Over the past year, we are working day and night at IDB's management to implement major business measures that will stabilize the group and strengthen it with sound cash flow. The scale of the Group's businesses naturally means that we are required to undertake complex, protracted steps, crossing countries and continents, which require stamina and sensitivity and need the deepest business and financial understanding in relation to the situation and future of the Group and the companies it holds."
He added, "I think, with high certainty that major investment will be made in IDB Development in the near future."
Published by Globes [online], Israel business news - www.globes-online.com - on June 27, 2013
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