The Claims of the Special Director and the Receiver
- First for the back-to-back deals.
The Special Manager refers to the fact that you have made a BTB Mizrahi and the Deal BTB Discount (collectively referred to above and hereinafter: Back-to-back deals) are "circular" transactions, with a huge financial scope (about ILS 95 million); And to the position of the Special Manager, already at the time of their drafting, it was clear that they had no business reason or economic logic from the point of view of Heftziba Investments - After all, the latter was not entitled to do anything with the money deposited in her account, which were intended to serve only as collateral for the repayment of the loans taken by Hefzibah, Shikun and Mordechai Yona. In the Special Manager's view, these facts should have at least aroused the suspicion of Mizrahi Bank and Discount Bank that the transactions were made for an illegitimate purpose and that their sole purpose was to "beautify" Hefziba Investments' balance sheet and present it as rich in assets. Nevertheless, the two banks hastily approved the transaction, without verifying that the back-to-back transactions were in the company's best interest and that all the necessary approvals had been obtained under the Companies Law.
On the question of the existence of a personal interest - According to the position of the Special Manager, the provision of guarantees to Heftziba Shikun is a transaction BTB Mizrahi is "A company's transaction with another person who is an officer of a company in which he has a personal interest", as the saying goes. Section 270(1) Law The Friendship. This is because the officers of Heftziba Investments (Mordechai Yona and Boaz Yona) had a clear personal interest in the transaction - This is by virtue of the law that attributes to Mordechai Yona the personal interest of Hefziba Shikun as a shareholder in this company, and the same personal interest is also attributed to Boaz Yona as Mordechai's "relative" in accordance with the definition of "personal interest" in the law The Friendship. Similarly, the provision of guarantees to Boaz Yona is a transaction BTB Discount constitutes "A transaction of a company with an officer of its", as the saying goes. Section 270(1) Law The Friendship; Boaz Yona is a director at Heftziba Investments (and also a relative of the controlling shareholder - Mordechai Yona), and is a direct party to the BTB Discount.