Tzarfati Family Company Sued Over Alleged Self-Dealing in Real Estate Projects
Translated & summarized from TheMarker by baba
The Tzarfati family, owners of a public real estate company, is being sued for allegedly building 68 apartments on land purchased by founder Zvi Tzarfati, bypassing the company. Documents indicate the public company acted as a contractor, but it claims no record of payment or contract exists. The company has responded by calling the allegations a partial and misleading picture.
The story in 5 lines · by baba
- The Tzarfati family is sued for allegedly building 68 apartments on land bought by founder Zvi Tzarfati.
- The public company reportedly participated as a contractor in the project.
- The company claims no record of a contract or payment for the project exists.
- A crane was rented from a private family firm by a subsidiary of the public company.
- The company described the allegations as a partial and misleading picture.
The Tzarfati family, owners of the publicly traded real estate company bearing their name, is facing a lawsuit alleging they acquired land and built apartments independently, bypassing the public company. The suit claims that founder Zvi Tzarfati purchased land in Rishon Lezion where 68 apartments were constructed. Documents suggest the public company participated in this project as a contractor, but the company states no record of a contract or payment exists for this involvement. A crane used at the construction site, numbered 20819, was rented by a subsidiary of the public company from a private firm owned by the Tzarfati family, raising further questions about the transactions. In response to the allegations, the company stated that the presented information offers a partial and misleading picture.
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