Mega Deal for Way Box in Florentin at Risk of Cancellation

In depth

The rights holders in the Givulot compound in Florentin notified Way Box of the cancellation of the land swap deal. They claim that the sale of control of the company was carried out without their consent, and they regard this as a fundamental breach.

According to Ice, the landowners are demanding compensation of NIS 30 million, expenses and financing costs. Last August they filed a lawsuit with the District Court to enforce the agreement, and they are now asking to withdraw it.

According to Bizportal, the company estimates that the chances of cancellation are not high, but it cannot assess the impact on its financial statements. According to Calcalist, the company believes the likelihood that the cancellation will stand is low.