Avishi Neria Accuses Partner Itzik Baruch of Over 100 Million Shekel Losses in Yubelim Group Dispute
A business dispute has erupted between Avishi Neria and his partner Itzik Baruch, the controlling owner of the Yubelim Group, over alleged financial losses exceeding 100 million shekels. Neria claims these losses occurred in several companies jointly owned by the two, prior to the Yubelim Group’s bond listings on the Tel Aviv Stock Exchange in June 2021. Recently, Neria sent a demand letter to Yubelim B.A. Pinui Binui Netanya, a company involved in urban renewal projects and co-owned by both partners, seeking to exhaust rights before filing a derivative lawsuit. He alleges losses of approximately 102.7 million shekels to this company alone.
According to Yubelim’s stock exchange filing, Neria’s claims relate to agreements signed in May 2021 involving apartment sales in a project to a related company jointly held by Baruch and Neria, as well as sales to another company owned by a different partner of Baruch. Neria is also a partner in A.B. Yubelim Investments and Assets, which fully owns Yubelim Group’s issued share capital, itself wholly owned by Baruch.
Yubelim Group strongly denied the allegations, calling them baseless and made in bad faith after significant delay. The company suggested Neria’s claims stem from his own financial troubles, including asset seizures due to debts of tens of millions of shekels and a court ruling requiring him to pay $6.3 million to a former partner. The company also accused Neria of attempting to pressure for a larger share of profits from Yubelim B.A. Pinui Binui Netanya and other entities.
Yubelim stated that if a lawsuit is filed and damages are proven, Baruch would compensate the company, which would then be entitled to 50% of the compensation. The company also noted that Neria’s financial difficulties relate partly to a separate dispute with another partner, Uri Ansbacher, unrelated to Baruch or Yubelim Group. A 2025 arbitration ruling ordered Neria to repay $6.25 million to Ansbacher, a decision recently upheld by the Jerusalem District Court.
This ongoing conflict highlights complex financial and legal challenges within Israel’s real estate and investment sectors, particularly involving urban renewal projects and corporate governance disputes among partners.
