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Agrexco liquidators sue State of Israel

The liquidators allege that the state behaved "like the lowest of thieves" in the bankruptcy of Agrexco Agricultural Export Co. Ltd.

The State of Israel behaved "like the lowest of thieves" in the affair of the insolvency of Agrexco Agricultural Export Co. Ltd. (which traded as Carmel Agrexco), abandoning the company and its creditors "with a shrug of the shoulders". This was after decades of using the company as a tool for promoting the state's policies, at the whim of successive ministers of agriculture, "as though the creditors had outlived their usefulness and could be sent away, without their money." These are some of the allegations in a suit filed against the state recently by the liquidators of Agrexco, which collapsed with a crash five years ago, claiming that the state was responsible for the collapse.

In the lawsuit, the liquidators attribute responsibility for Agrexco's debt, amounting to some NIS 500 million, to the behavior of the representatives of the state who managed the company, among them successive agriculture ministers, and request the court to lift the veil of incorporation between Agrexco and the state, the Plant Production and Marketing Board, and the Egg and Poultry Board, which they claim caused the company's collapse.

Click here to read the complete article at www.globes.co.il
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