Hebrew daily "Yediot Ahronot" reports this morning that real estate developer Inbal Or is relinquishing the management of Or City Real Estate, which she owns, because of the crisis besetting the company. There have been repeated liquidation and insolvency petitions to the courts, reports of debts to the banks and to "the king of the grey market" Shelly Narkis, as well as suspicion of tax offences.
According to the report, Or has appointed a professional team under Izhar Kanne CPA, head of The Institute of Certified Public Accountants in Israel, to run Or City instead of her. The team will work to sell assets and will try to reach a settlement with the banks and customers in an effort to rehabilitate the company.
Another member of the team will be Doron Elhanani, a specialist at rehabilitating companies. The team was put together by Or's new media adviser Ronen Tzur, who specializes in managing crises.
This is a unilateral move by Or that has not been approved by the court. The new professional team will manage Or City without Or's involvement, although she will remain the owner of the company.
Published by Globes [online], Israel business news - www.globes-online.com - on March 20, 2016
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