Afik News 226 15.03.2017

Afik News 226 15.03.2017

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Legislative Updates

February 27, 2017

Usurping lack of knowledge of a shareholder for diluting the shareholder or having it execute waiver is oppression of the minority

A Swedish shareholder of an Israeli company trusted the other shareholder, who was an Israeli. When the company was in distress, the Israeli shareholder sought investment in the company while diluting the Swedish shareholder and finally had the Swedish sign a waiver of rights in the company while withholding material information from him...

March 2, 2017

Binary options are deemed securities and the Israel Securities Authority is authorized to supervise ‎trading arenas of such options

The Israel Securities Authority instructed a binary options trading company to immediately cease and desist operations until receiving a trading license...

March 5, 2017

One may receive an order of search and seizure at the home of an employee upon showing existence of a trade secret and apprehension of larceny thereof

An employee took confidential clientele list after a hearing and before being terminated and in the hearing it was discovered that he has done this several times before.  The company filed a motion for an order of receivership of the employee personal G-Mail electronic mailbox at his home, known as "Anton Piller...

March 6, 2017

A foreign verdict will be enforced even if service of process of the original statement of claim was not pursuant to the law of the jurisdiction granting it

A Russian resident who relocated to Israel guaranteed to the bank debts of a company owned by him and the Russian Court granted a verdict against him in default of defense in the amount of ILS 52 million. The Bank sought to enforce the judgment in Israel but the defendant argued that the statement of claim in the Russian proceedings were not duly served on him as required by Russian law...

February 26, 2017

Incorporation of a competing business by an employee while being employed is a breach of fiduciary duties justifying a cease and desist order

Employees of a company dealing with immigration permits resigned, opened a competing business and in cooperation with the company's lawyer changed the password of the email use through which the company communicated with the Immigration Authority, thus effectively paralyzing the company.  Concurrently the employees approached clients of the company, informed them of the intent to incorporate a ...

February 14, 2017

Generally an importer may use trademarks of the manufacturer for the sale of products even if another importer has exclusivity

A manufacturer and an importer moved the Court for a temporary order of cease and desist to prevent a parallel importer to use the trademarks of the manufacturer, arguing that the moving importer has exclusivity from the manufacturer...

January 31, 2017

A municipality will be obliged to issue an approval document for the Land Registration Office in case of legitimate tax planning aimed to evade betterment levy

A municipality refused to issue an approval document ‎for the purpose of registration and transfer of land rights at the Land Registration Office‎ on the grounds that the property owner sold its rights in a haste to a public organization (exempt from betterment levy) days before a city building plan entered into effect in order to evade payment of betterment levy...

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