Yuli Ofer: Correcting historical injustice?
Photo: Sivan Farag
Photo: Gilad Kavalerchik
Leora Ofer: Main beneficiary of will
Photo: Gilad Kavalerchik
Ofer family squabbles over inheritance
Dispute over circumstances under which tycoon Yuli Ofer disinherited son Doron in favor of daughter Leora rages on
"Before Yuli passed away, Leora negotiated with Doron in the aim of buying him out of the company. But the talks crashed because Leora demanded he refrain from contesting their father's will once Yuli passes away. This set off alarm bells for Doron" a source close to the Ofer family said in an interview given to Calcalist. According to the source, Doron never took up the issue with his father because the negotiations were held just a short while before Yuli's demise and he was in no condition to handle the matter.


Leora and Doron are in bitter dispute that has exacerbated over the past several weeks following the death of their father. About two weeks ago, Ofer's will was publicized revealing that he had left his entire stake of Ofer Investments (36.7%) to his daughter. His son was left out of the will, already owning a 15% stake in Ofer Investments. Sources close to Leora claim that the disparity aims to correct an "historical injustice" towards Leora in which Yuli put Doron at the forefront of his operations and transferred numerous asset to Doron's name while still alive.


According to the source close to the family "the demand that Doron refrain from contending the will alerted him to the possibility that there may be a problem with the will. That's when the negotiations crashed. Attorney Zvi Efrat notarized the new will and Doron's attorneys didn't even get a chance to review it". The source added that no events unfolded between the time of the first will which was signed on April 2008 which divided the estate equally, and the second will, written on November 2008, which names Leora sole beneficiary of the estate, other then the significant decline in Ofer's medical condition. "By then he could barely see or hear".


A close friend of Yuli Ofer argues that "Doron's acquaintance is lying through his teeth. This entire affair rides on the emotions of one man whose father disinherited him, after having given him a assets worth a billion of dollars while still alive. Yuli Ofer was of sound mind when signing the will and some of the top names in Israel were witness to the singing including attorney Zvi Efrat and businessman Ethan Wertheimer whose integrity is beyond doubt. If there were any negotiations, they crashed because Doron demanded a price no one was willing to pay".


According to the source close to Doron "it's not true Leora received less than Doron throughout the years. Leora's family – including her ex-husband Udi Angel and their children – received exactly the same share as Doron". The source further said that claims that Leora received more due to her business achievements were unfounded. "Doron was very accomplished. All the badmouthing about Doron's poor management skills are just a spin that serves one purpose".


Yuli Ofer's close friend retaliated: "Doron's associates realize they have no case here, so they're playing Kamikaze and lying to the press. Leora is an extremely talented woman who worked morning, noon and night and led her father's enterprise to recovery. That's why her father decided to leave her his entire estate. Leora is not to be held accountable for the fact that her ex-husband received assets from her father.'


The source close to Doron estimates that despite the bitter dispute, the affair will end in a compromise between the parties. "At the end of the day, there's little choice. Leora, Doron and their representatives will have to come to the table and settle this once and for all. If this escalates into a family feud, the company's share will be frozen and there will be a great degree if uncertainty. It’s a natural move and they will have to work it out."


According to the source, Doron Ofer's objection to the Bank of Israel's request to separate Ofer Investment holdings in Hamizrahi Bank and Melisron stems from the dispute. "Doron never objected to splitting the holdings before, he is just trying to protect his rights".


At this stage, the contenders have not yet set a date for a mediation session and an executor of the estate has not yet been appointed. Leora Ofer's party requested that attorney Efrat be named for the job; however, Doron Ofer objects.


  • Click here to read this report in Hebrew



פרסום ראשון: 10.27.11, 09:27
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