Kinneret City Project Turns From Flagship to Legal Quagmire
Translated & summarized from TheMarker by baba
The Kinneret City urban renewal project, Av-Gad's flagship development on the Sea of Galilee, has become a legal battle. Landowners are suing Av-Gad for NIS 20 million and its directors, while Av-Gad is countersuing for NIS 100 million. The dispute adds to challenges from a slowing housing market.
The story in 5 lines · by baba
- Av-Gad's Kinneret City project is entangled in a legal dispute with landowners.
- Landowners are suing Av-Gad for NIS 20 million and its directors.
- Av-Gad is countersuing the landowners for NIS 100 million.
- The project was intended to be Av-Gad's largest and flagship development.
- The legal issues compound Av-Gad's struggles with a slowing housing market.
The Kinneret City urban renewal project, intended to be the flagship initiative of the small urban renewal company Av-Gad, has devolved into a complex legal dispute. The project, located on the shores of the Sea of Galilee, was meant to be Av-Gad's largest development.
However, the landowners are suing Av-Gad for approximately NIS 20 million and are also preparing to sue the company's directors. Av-Gad, controlled by CEO Ram Ratzon, is countersuing the landowners for approximately NIS 100 million. The legal entanglement comes as Av-Gad faces a slowdown in the housing market, with the dispute potentially costing the company NIS 20 million.