State sues El Al for NIS 58m
Aug 23, 2014, 10:21 pm
#1
Original Poster
Join Date: Jan 2011
Location: YYZ
Posts: 765
State sues El Al for NIS 58m
From Globes :
The Ministry of Finance yesterday filed a NIS 58 million lawsuit against El Al Israel Airlines Ltd. (TASE: ELAL) in the Lod District Court. The lawsuit asserts that El Al failed to transfer surpluses to the state in contravention of agreements with it.
I dont really understand the case..you can read about it here :
http://www.globes.co.il/en/article-s...58m-1000965498
The Ministry of Finance yesterday filed a NIS 58 million lawsuit against El Al Israel Airlines Ltd. (TASE: ELAL) in the Lod District Court. The lawsuit asserts that El Al failed to transfer surpluses to the state in contravention of agreements with it.
I dont really understand the case..you can read about it here :
http://www.globes.co.il/en/article-s...58m-1000965498
Aug 25, 2014, 1:26 am
#2
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Join Date: Dec 2009
Location: HaMerkaz/Exit 145
Programs: UA, LY, BA, AA
Posts: 13,167
I read that article yesterday and couldn't fully figure it out. From what I got, it's something along the lines of the State sold their share, but used the money from the sale to help pay for underfunded pensions (that they shouldn't have needed to). So LY owed them money I think. And then they hid that money?