Watchdog Group Demands Halt to Haifa Port Dividend Payout
Translated & summarized from TheMarker by baba
Israel's Movement for Quality of Government is demanding the halt of an amendment to the Haifa Port sale agreement that allows the Adani-Gadot consortium to withdraw dividends. The group also wants a review of the state committee's decision. The deal, approved by a state committee and awaiting final treasury approval, requires Adani-Gadot to deposit about 1 billion shekels for port development.
The story in 5 lines · by baba
- A watchdog group wants to stop a dividend payout to the Haifa Port's new owners.
- The Movement for Quality of Government is challenging a deal benefiting the Adani-Gadot consortium.
- The deal allows the Adani-Gadot group to withdraw dividends from the Haifa Port.
- The agreement requires Adani-Gadot to deposit 1 billion shekels for port development.
- The deal has been approved by a state committee and awaits final treasury approval.
The Movement for Quality of Government in Israel has called on the Government Companies Authority and the Treasury's Accountant General to halt an amendment to the sale agreement for the Haifa Port. The organization also requested a review of the decision by the Committee for the Sale of State Shares.
The group's appeal stems from the state's approval of a change to the tender terms retroactively, benefiting the port's purchasers, the Adani-Gadot consortium. This agreement, which allows the Adani-Gadot group to withdraw dividends, has already been approved by the Committee for the Sale of State Shares and awaits final approval from the Accountant General.
In exchange for this benefit, Adani-Gadot is set to deposit approximately one billion shekels into a trust account to ensure the port's development.
Mentioned
Not the same event — other stories that share this one’s people, places, or theme: background, reactions, and follow-ups.
