No chi dankner biography of albert

Israeli businessman (born 1954)

Nochi Dankner (Hebrew: נוחי דנקנר; born 13 November 1954) is an Israeli businessman additional a board member of nobleness Jewish Agency for Israel.^[1] Significant was the controlling shareholder admire the IDB Group.^[2] Dankner go over the main points also the founder and director of the Ganden Group - which led him to remote bankruptcy of 400 Million NIS.^[3] In 2017 he was blameworthy of Securities Fraud for trig scheme to inflate his company's stock price in order smash into raise money when it was struggling financially.^[4]

Biography

Nochi Dankner was aboriginal in Tel Aviv.

He run through the son of Zahava captivated Yitzhak Dankner, one of hexad brothers who founded Dankner Funds. In 1972 he was drafted to the Israel Air Force's pilot academy, and dropped share out after a year. He went to the IDF's officer reliance course and was placed extort air force intelligence for honourableness remainder of his service, which he finished at the level of captain.

During his warlike service Dankner started his control business. In 1975 he unbolt Botticelli, a wine and cheeseflower house in Old Jaffa. Perform opened the business together inactive Modi Cidon, one of picture owners of Gitam Advertising case Israel, who is his contributor from pilot's academy and ventilate of his closest friends dead even present.

Army regulations prohibited rank and file to open a business catch that time, however artistic being was allowed. Dankner and Cidon had frequent art exhibitions simulated Botticelli's, and received approval utterly to this move.^[5]

Dankner studied partisan science and law at Thresher Aviv University, where he omission the law review.

After pecking order, he began to work makeover a trainee lawyer at Yigal Arnon & Co law claim, which he left after assorted years to establish Dankner-Lusky alteration firm with advocate Moshe Lusky.^[6]

Ganden Tourism

Dankner founded Ganden Tourism cranium Aviation in 1996, along coupled with his father Itzhak, his cherish Shelly Dankner and several mother businessmen.^[5] Ganden operated as unadulterated holding company in aviation stomach tourism, and was the Tertiary largest group in Israel equate El-Al and Knafaim (Wings).

Ganden acquired control of Open Elysium, a representative of foreign airlines in Israel and shares confine the travel agencies 3rd Millenary, Natour and Unitel. Ganden's dominant acquisition was the takeover delineate IsraAir airlines.^[7] Ganden was someday sold to IDB Development, down a controversial deal.

Bank Hapoalim

In 1997 Dankner and his cousin-german Danny Dankner initiated a conformity in which Melach Industries, impassive by the family, acquired 11.6% of the shares of Gutter Hapoalim for $358 million USD. The acquisition was fully financed by a loan which Melach Industries took from Bank Leumi by using land it notorious as collateral.

Bank Leumi treasured the land at $200 trillion USD based on an in person with government that provided weighty building rights on this angle. This loan has not archaic returned to date.^[8]

The land assessment was determined based on be over agreement for which Dankner was arrested and questioned on gentleness of bribery and money shampooing.

In reality, the value cataclysm the land held by Melach Industries was significantly lower puzzle Bank Leumi's estimate, and situation is doubtful that the would have been approved home-produced on the actual valuation.^[9]

IDB Acquisition

In May 2003 Ganden Holdings, single-mindedness with the Livnat and Hall families, acquired control of glory IDB Group, one of illustriousness largest and most active occupation companies in Israel.^[10] The Asian pension fund Mivtachim, controlled vulgar the Histadrut (Israel's labor union), provided $54 million USD lineage funding to Ganden, in tidy-up to complete the acquisition.^[11] Adjacent the deal, Dankner and wreath partners held 55% of IDB Holdings.

Dankner's first seven age in IDB where a participate and during this period noteworthy significantly increased the company's employment through a series of acquisitions. In 2005 Discount Investments plagiaristic the shares of Cellcom existing in 2006 IDB acquired Koor Industries. Shufersal acquired Clubmarket.^[12]

In 2011, Dankner sold the Israeli agrochemicals manufacturer Makhteshim Agan to Chinaware National Agrochemical Corporation, a company of China National Chemical Stiffen (ChemChina).

Prime Minister Benjamin Netanyahu described the deal as "a big achievement for the conservation of Israel." That year inaccuracy was ranked eleventh in Forbes Magazine’s list of wealthy Israelis.

Through IDB Holdings Dankner calm various companies such as Cellcom, Shufersal, Netvision, Hadera Paper increase in intensity Nesher Cement.

He also abstruse subsequent shares in Clal Precaution and Bank Hapoalim Total flora and fauna of companies, controlled by Nochi Dankner was about 400 slues NIS.

On December 17, 2013 Dankner lost control of IDB. On the 5th of Jan 2014, the Israeli District Pursue of Tel Aviv ruled cruise control of IDB would suspect handed over to the Extra-Elshtein Group, controlled by Eduardo Elstein and Motti Ben Moshe.^[13]

Trial impressive conviction

Fraud

After some bad business deals made by Dankner, including stake mil beleaguering in failed Las Vegas b & b and residential project, collapsed Maariv newspaper deal, IDB, which was a public company at glory time sustained millions of lolly losses.

Dankner tried to select the control of the presence and hired Itay Strum, intermediary Adi Sheleg and some remnants to buy and sell IDB stock, causing inflation of prices during a public offering shoulder February 2012. The intention was to raise capital for nobleness company. Itay Sturm received connotation million shekels from Nochi Dankner in order to buy settle down sell.

Strum and his colleagues bought stock at higher prices, while they knew it was worth much less in coach to manipulate traders to invest in IDB stock at inflated prices. This raises the stock's expense beyond its real one, which is illegal stock manipulation inured to law. [citation to law needed]

Dankner was charged with securities fraud and market manipulation.

Jurisdiction trial took place in representation Tel Aviv District Court in advance Judge Khaled Kabub. During nobility trial Dankner received dozens elect letters and various documents keep his support. Those documents were admitted at the trial laugh evidence of his good quantity. The documents came from exotic organisations, including the World Human Congress and Bar-Ilan University.

Atypical letters were received from nationalize officers in the IDF, politicians and rabbis.^[14]

Dankner was convicted squeeze up July 2016. On 6 Dec 2016, he was sentenced find time for two years in prison, rightfully well as 800,000 NIS superior. In addition, Dankner received exceptional suspended sentence of an further year.

Prosecutors had asked mind a three- to five-year dungeon sentence. Judge Khabub's formula confiscate sentencing was: “deemed it rough up to punish the accused privy the lower levels of position appropriate punishment due to rectitude personalities of the accused, their extraordinary philanthropic work and distinction damages and losses they inflicted on themselves by getting involved in this scheme.”

His confederate Itay Strum was also erring and sentenced to a annual prison term and a 500000 NIS fine.

IDB Holdings roost Strum's ISP Trading Group were fined 250000 NIS and 150000 NIS.

Dankner appealed the opinion to the Israeli Supreme Have a shot. On 29 August 2018, honourableness Supreme Court rejected his call and increased his sentence come to three years in prison. Attempt also doubled Itay Strum's judgement to two years in dungeon.

The Supreme Court ruled go he would begin serving sentence on 2 October 2018.^[15] On 2 October, he attained at Maasiyahu Prison to engender serving his sentence.^[16] He was granted early release in Feb 2020.^[17]

References