Will sue the causes that led to the collapse of “farm wings”

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The creditors’ banks in the kibbutz tourism company Kanfei Mesek intend to sue third parties that allegedly caused the company to collapse – according to a statement and request submitted by the banks through attorneys Uri Gaon, Yaniv Azran and Tom Cooper from B. Levinbock.

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As part of the application, the creditor banks, Bank Leumi and First International claimed that they are the company’s only secured creditors, with a total oblivion of NIS 38 million, which constitutes approximately 79% of the total oblivion in the company (excluding the alleged oblivion of the controlling shareholder in the company, kibbutz farms). The banks petitioned before the holiday for an urgent hearing before any decision is made regarding which of the conclusions and recommendations reached by the interim trustee in the report he submitted and revealed last week in Calcalist.

Adv. Shaul Kotler Photo: Amit Shaal

A report submitted by the company’s trustee, Adv. Shaul Kotler, shows that investigations conducted so far by the temporary trustee show that the company’s financial statements were fabricated for years and included false representations and that “the risk of the company’s activities was mainly borne by its creditors … All gatekeepers failed and for 15 years, hard to believe, did not find that the company’s statements are fabricated, that the company consumes cash year after year, and while its financial statements usually show modest growth and profit, its main asset in the balance sheet – customers, reaching up to 90% “The balance sheet is nothing but an inflated asset that is mainly in factual registration transactions … It is hard to believe, but simple tests would have discovered the issue ahead of time and prevented damage to both the company and its creditors,” the report claims.

For example, it was claimed that a total customer debt of tens of millions of shekels that was recorded in the company’s accounting and financial statements for years and constituted a primary to almost sole asset in the company’s balance sheet turned out to be inflated based on fictitious operations.

The trustee also sent a warning last week through attorney Dr. Kobi Kaplansky before taking legal action against officers and directors at the Wings Tourism Company. This, on the grounds that they allegedly violated their position and that the trustee considers them responsible for all the debts and losses caused to the company in the amount of NIS 90 million. The warning letter was sent to a variety of sources, including the company’s CEO, Shlomo Kadim, and Shmulik Shemesh, the company’s CFO.

On the other hand, Adv. Eyal Basarglik, who represents the company’s CEO, Shlomo Kadim, as well as Shmulik Shemesh, the company’s CFO, noted that the former senior executives at “Kanfei Mesek” fully cooperated with the liquidator, after filing a complaint with the police and will continue to act Full to reveal the truth. “It is clearly clear that Shlomi Kadim and Shmulik Shemesh are not the address and so it has been proven and will be proven later, they were the ones who repeatedly warned about the demands they received from the parent company” Kibbutz Farm “”.

The parent company, Kibbutzim Economy, did not remain obligated and claimed that the report reveals the failed actions of the company’s former CEO, Shlomi Kadim, and former CFO, Shmulik Shemesh, who held senior positions in the company for years, which allowed them to operate unimpeded. And disguise the damages caused. “The BDO CPA firm claimed that the firm acted properly and in accordance with generally accepted accounting principles.

The creditors’ banks claimed in the application they submitted before the holiday that “it is not the intention of the banks, that as stated most of the third parties mentioned in the trustee’s report were directly wronged and caused them heavy damages to wait with the legal proceedings against those parties. The banks are not correct in that the trustee will pretend to take into account the causes and proceedings conferred on them by law and they are interested in acting in these matters through their attorney. ” Ofer Alkalay. The trustee is represented by attorneys Sigal Rosen Car, Dikla Peretz and Dagan Frenkel.

The application to appoint a temporary trustee for the tourism company Kanfei Mes Tor was submitted in July by a number of the company’s creditors: Isrotel Hotel Management, Dan Hotels, Africa Israel Hotels, Jordan Hotels and Ephedor. The latter claimed through attorney Roi Aharoni that they are creditors of the company in the total amount of NIS 2.5 million, and that the company has total debts in the amount of NIS 42 million.

The judge appointed Adv. Kotler as a temporary trustee and noted in his decision that “following the crisis in which the company found itself an investigation was conducted by the company’s board of directors which opened no less than a Pandora’s box. It turned out that for many years, since 2006, a false entry was made in the company’s books, in a way that presented the existence of debts from fictitious customers, in amounts that started at NIS 10.8 million and reached NIS 59 million in 2017. In other words, the company’s books falsely reflected, over a period of about 14 years, assets that do not exist at all, amounting to tens of millions of shekels. “







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