Novik sues for 5% of Maiman's EMG stake

Sources close to Merhav controlling shareholder says lawsuit is 'plaintiff's deleterious fabrication and is based in lies that cannot hold water'

Lior Gutman, Calcalist|Published: 09.11.11 , 10:54

Former vice president at Merhav Group, Dr. Nimrod Novik, is claiming 5% of the company's controlling shareholder Yossi Maiman's stake in EMG, and will file a lawsuit against Maiman Sunday morning.

The claim is valuated at NIS 65 million (about $17.5 million).

Novik was dismissed last week from his position as director at Ampal. Yossi Maiman holds about 21% of EMG's shares through Ampal and Merhav which are under his control.

Novik claims that the company had signed a compensation agreement with him in 1990 and Maiman had already exercised his rights over some NIS 350 million ($94.5 million) worth of shares "forgetting" to give Novik his share as was agreed between them.

Novik told his associates that "20 years of friendship are ending in an unfortunate manner. After four years of promises and delays I realized that something about Maiman had changed and therefore, I decided to file a claim."

One of Maiman's associates responded that "the lawsuit is the plaintiff's deleterious fabrication and is based in lies that cannot hold water."

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