Business Services Industry
Bank Leumi & Union Bank sued for $23.8 M suit. (Bank Leumi Le-Israel, Union Bank of Israel)(Finance) (Brief Article)
Israel Business Today, October, 1994
Two large foreign banks, Banque Nationale De Paris (BNP) and the ABN Amro Bank are seeking damages of NIS 72 million (approx. $23.8 million) from Bank Leumi Le-Israel, The Union Bank of Israel and the Union Bank's trust company in a suit filed in Tel Aviv District Court. The Amro Bank of Holland is seeking NIS 18 million ($6 million) from the two banks over breach of contract obligations and fiduciary responsibilities in two episodes connected with the collapse of Red Rock. The company, which imported seeds and steel imports to Israel, collapsed and went bankrupt. Red Rock's owner-manager, Menahem Frehar, was found guilty in the U.S. of fraud and sentenced to 14 years in prison.
Amro Bank claims the Union Bank and Bank Leumi provided Red Rock with inaccurate...
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