The Tel Aviv District Court rejected an appeal by IRSA, a company controlled by Argentine-Israeli businessman Eduardo Elstein, who argued that it was a foreign corporation not subject to Israeli court jurisdiction. As a result, the trial of the claim by bondholders of IDB Holdings amounting to 143 million shekels against Elstein’s company will proceed in Israel. In 2019, IRSA agreed to transfer NIS 210 million to IDB lenders in three installments but only made one payment. IDB Holdings, controlled by Elstein, was declared bankrupt in 2020.
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