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Banktec Signs
Jordanian Pact

Jerusalem — Banktec signs pact
with Jordanian firm: Banktec has
reached a cooperation agreement
with Jordan's National Office Sys-
tems Company, which specializes
in solving bank and insurance
firms' computer programming
problems.
According to the pact, Banktec
will supply information to Jor-
danian banks and will also assist
in establishing check-clearing sys-
tems.

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Appointment

Elmaleh Sells
JOEL Holdings

Jerusalem — Businessman Joe
Elmaleh has sold all his holdings
in Jerusalem Oil Exploration
(JOEL), some 17 percent of the
firm, to Pass-Port for $17.8 mil-
lion. Pass-Port, a former sub-
sidiary of JOEL, is controlled by
Credit Lines to Israel.
The Credit Lines group in-
cludes Yuval Ran, Natan
Schwartz, Natan Turner and
Yona Goldreich.
The resignation of JOEL's
board of directors was effective im-
mediately upon the sale, which
was completed last Friday.
A new board, headed by attor-
ney David David, has been ap-
pointed.
Mr. Ran will serve as the firm's
general manager.
Three months ago, Mr. El-
maleh agreed to sell JOEL, in-
cluding Pass-Port, to Credit Lines.
The sale was canceled shortly
thereafter, however, due to a tem-
porary injunction filed against
JOEL by investors in
Isramco, whose principal share-
holders are JOEL and Pass-Port.
The investors had filed a lawsuit
against JOEL in 1994 claiming
the firm misled the public and
used insider information for per-
sonal gain, thereby neglecting the
interests of public shareholders.
JOEL subsequently sold con-
trolling interest, or 34 percent, of
Pass-Port to Credit Lines. With
the purchase, Pass-Port now owns
24 percent of JOEL.
Mr. Elmaleh will receive $14.25
million in cash and an additional
$3.25 million in shares from the
U.S.-based real estate fund HSP.
The remaining $375,000 will be
paid out in five monthly install-
ments.
JOEL is an 8 percent partner
in several offshore drilling permits
together with Isramco, Pass-Port,
Delek, and Naphtha.

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