Exclusively: One of the strongest partnerships of the family in the business community in Israel. “Globes” learned that the Nakash Brothers group, in which the AVI, Joe and Rafi Nakash brothers have been partners over the past fifty years, is about to start the process of resolving the partnership in Israel.
This step is expected to affect, among other things, the collection of the group in Arkia Airlines, the Orchid Hotel Series, and the AMPA group, which owns Eilaat Port, and soon keeps depression on the Tel Aviv (TESE).
The Nakash Group group is kept with a box -controlled box, with 33 % of Olive Trust, which carries a similar share, and Joe and Rafi Nakash. The group includes a wide range of companies and private partnerships, which carry the main assets of the group.
The partnership solution will be a complex process, and at this stage it is still not clear the form it will require. The liquidation is not supposed to apply to the joint holdings abroad, and the group hopes that the liquidation will be made by agreement and without the need for the court to enter more than procedural cases.
“We are two against one”
The background of this dramatic separation is the continuous conflict between the brothers over the employment of Avi Hormaro, who is the first manager of the group's companies in Israel. While Avi Nakash leads a legal battle against him, claiming that he took millions of shekels from the group, Joe and Ravi Nakash do not participate in the criticism of the former CEO. The mediation was held among the two brothers recently in Miami, which was aimed at ending the conflict, but failed.
In May 2024, Avi Nakash's Trust has a request with the court for a derivative lawsuit against Hormaro. Nakash claimed that Harmaro, who has served for years the CEO and Chairman of the Board of Directors of the Group's companies, has obtained rights that deserve “dozens (if not hundreds) of millions of shekels” from the group's companies. Avi Nakash also claimed that Harmarws made deals with companies in the group without required approvals, and spent conflicting interests.
Hermaro claims that all his actions have been legally implemented and with the approval of the brother Nakash. His lawyer said that these were “unfounded claims,” and that Hermaro's behavior was “a flawless professional.” Joe and Rafi Nakash does not share Avi claims against veteran CEO, and one of the brothers to Globees, “We are two against one.
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Settlement with Harmaro
In July, a settlement was signed between the Nakash and Hormaro collection, where Hormaro was transporting 5 million NIS to the group and staying in office until January 2025. After that, the group will be able to finish his work. Hermaro transmits some of his rights to companies to the group, and keeps other rights. It was also agreed that Ampa, the holding company controlled by the Nakash and Shlomi Fogel Group, will get a 3 % Hormaro stake in Ampa Israel 2016, and will move half of the revenues to the Nakash Group.
Despite the settlement, AVI Nakash asked to continue the lawsuit and even receive permission from Judge Michal Agon-Gonen to increase the amount he was demanding from a few million to 65 million New. According to him, the settlement agreement reveals, “additional rights that Harmaro has taken for himself in other companies, and the decision of the elements in the Nakash Group to leave it with amounts of money and rights that constitute a large part of what he stole.”
Harmaro claimed that Avi Nakash seeks to distinguish the settlement agreement despite the knowledge of negotiations to sign it. He argued by companies in the group, including the Yamit and Orchid Hotel Hotel, against Nakash Trust's request that it was not “a real request aimed at examining the best interests of companies, but rather a personal family conflict submitted by the applicant as a legal procedure.”
Hermaro recently asked the court to refuse the case directly.
It was published by Globes, Israel Business News – En.globes.co.il – on March 24, 2025.
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