Regulator Questions Businessman's Bid for Control of Clal Insurance
Translated & summarized from TheMarker by baba
The story in 4 lines · by baba
- Businessman Alfred Akirov is pursuing control of Clal Insurance.
- The Supervisor of Insurance has concerns about Akirov's management.
- Akirov has profited from his existing stake in the company.
- Akirov claims he cannot intervene in fund management.
Businessman Alfred Akirov, 86, is persistently pursuing control of the insurance company Clal Insurance, despite indications from the Capital Markets Authority that it is not enthusiastic about his bid. Akirov has already profited significantly from his approximately 15% stake in Clal, acquired between 2019 and 2022 for about 3.3 billion shekels, but he remains determined to increase his holdings. The Supervisor of Insurance, Amit Gal, has expressed concerns regarding Akirov's management methods, conflicts, and history of conflicts of interest, suggesting these issues cannot be ignored. Akirov has stated that he has no ability to intervene in the management of employee funds. Removing Elrov from the stock exchange might simplify Akirov's acquisition of Clal, but managing the 450 billion shekels the company oversees requires sound governance and integrity.
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