How it started
History
The Israel Corp was founded by the government of Israel in 1968, together with Shaul Eisenberg, who was one of the first strategic foreign investors in Israeli history, under the initiative of then Minister of Finance, Pinchas Sapir of the Israeli Labor Party, who changed the Encouragement of Capital Investments Law to attract foreign investment. The change ensured that the company's owners were exempt from taxes for 30 years and received other benefits.
In 1975, the director general of Israel Corp, Michael Tzur, was sentenced to 15 years in prison after he was convicted on 18 counts of embezzlement, theft, fraud and bribery. He was released from prison in 1981.
Shares of the company were offered to the public in 1969, 1970, 1974 and 1982, and the company was listed on the Tel Aviv Stock Exchange in 1982.
After Eisenberg's death in 1998, the family sold control of the company to the Ofer family.
In 2007, 55% of the equity of the company was held by the Ofer Brothers Group, 18% by Bank Leumi and the remainder by the public.
From Wikipedia’s article on The Israel Corporation Ltd., shared under CC BY-SA 4.0.2