Investec Bank (TASE:INSI), whose trust company is serving as a trustee for bond-holders of Rogosin (TASE:ROGO), yesterday petitioned the courts to liquidate Rogosin.
Investec asked the Tel Aviv District Court to appoint advocate Pinchas Rubin as temporary receiver for Rogosin. The judge rejected the petition until hearing Rogosin's version, but at Investec's request directed Investec's representative to list Rogosin's assets, to prevent their disappearance.
Rogosin had advised its bond-holders that it cannot meet a payment of NIS 26 million tot them. Investec petitioned the court after discussions with the then controlling shareholder, Ezra Harel, came to nothing.
Recently Rogosin announced that Harel had sold his 42.6% stake in the real estate investment company to U.S. businessman Yochai Schneider for $100,000. Upon learning that, Investec advised Rogosin that unless it honored its commitments to bond-bonders, Investec would act to redeem the bonds.