Bank reps to convene 6 p.m. tonight to decide on legal measures against Zeevi

Following his failure to make $45 million repayment last week
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Representatives of the seven banks that jointly extended the $750 million loan to Gad Zeevi for the purchase of a 20% stake in Bezeq will convene tonight at 6:00 to discuss what legal measures should be taken against him.

Zeevi failed to make a $45 million repayment a week and a half ago, forcing the banks to seize $150 million Zeev deposited as collateral in the Swiss branch of the First International Bank of Israel.

The banks represented are Bank Leumi (30%), Bank Hapoalim (30%), the First International Bank of Israel (16%), Mizrahi Bank (10%), Israel Discount Bank and Mercantile Discount Bank (12% both together) and the Union Bank of Israel(Bank Igud).

The banks' next decision will be whether to seize the additional collateral Zeevi put up for the loan, a 19.3% stake of Bezeq, worth $620 million. The collateral already seized and the additional collateral are worth a total of about $770 million, a sum close to the that of the loan to Zeevi.