▪
Migdal Insurance
- Sale Approved
\
Jerusalem (JPFS) — The Israel
Anti-Trust Authority has ap-
proved the planned sale of the
Bank Leumi-owned Migdal In-
surance to Assicurazioni Gener-
ali, despite the ongoing inquiries
into the Italian company's deci-
sion not to pay out on life insur-
ance policies purchased by
Holocaust victims across Eastern
Europe.
The Knesset insurance sub-
committee is scheduled to con-
tinue its investigation into the
issue with sub-committee chair-
man Michael Kleiner calling on
the company to pay out to valid
policyholders.
Generali, which is refusing to
speak to the media, has consis-
tently argued it has no legal oblig-
ation to pay out on policies where
no death certificate was provided
and where the claim was not
made before the company's East-
ern European assets and liabili-
ties were nationalized following
World War II.
There is a growing concern in
the insurance world that Gener-
ali could pull out of the $300 mil-
lion deal with Leumi as a result
of the Holocaust policies, but Mr.
Kleiner remains adamant that
morality must be the overriding
factor. .
Palestinians
Hit Park Plan
Jerusalem (JPFS) — The per-
mission granted for an industrial
park on the Israeli side of the
Gaza border was described as
"alarming' by a senior Palestin-
ian Authority economic official.
The National Planning and
Construction Council has given
its approval for a single industri-
al park to be built alongside the
line in the area of Nahal Oz but
has reaffirmed its earlier decision
to refuse permission for similar
schemes elsewhere along the bor-
der.
The unilateral nature of the de-
cision was condemned by Pales-
tinian Economic Council for
Development and Reconstruction
(PECDAR) director-general Mo-
hammed Shtayyeh.
PECDAR is concerned by the
general lack of consultation and
cooperation between Israel and
the Palestinian Authority in the
planning of the parks in the Gaza
area. "This should be coordinat-
ed with us so we can avoid dupli-
cation of industries," he said.
One of the problems with the
plan is that it does not solve the
issue of border crossings, which
are sometimes prohibited and also
time-consuming, Mr. Shtayyeh
added.
The planning council's decision
came after a request from Shai
Hermesh, head of the Sha'ar Ha-
negev local council.
The original decision, passed
last year and to apply for the next
10 years, was to prevent the cre-
ation of employment areas along
the border but to encourage job
creation schemes nearer the larg-
er cities.
Work on the Karni industrial
park on the Gaza side of the line
is at an "advanced stage," Mr.
Shtayyeh said. There are ongoing
discussions over the provision of
electricity and water with the Na-
tional Infrastructure Ministry,
with the full support of Minister
Ariel Sharon.
The International Finance Cor-
poration, the private sector branch
of the World Bank, is in the
process of granting loans to PADI-
CO, the company charged with
constructing the factories at
Karni.
Funding for off-site infrastruc-
ture provisions is being provided
by the World Bank and donor
countries led by the United States.
"Things are going very well at
Karni," said Mr. Shtayyeh.
In the West Bank, work is pro-
gressing, but at a slower rate, on
two industrial parks at Mukeibi-
la, north of Jenin and in Tulka-
rm. The Mukeibila project has
the backing of German investors,
who have supplied technical
know-how and equipment to
launch the park, which is owned
by the chairman of the commer-
cial Bank of Jordan Tawfik
Fakhoury, originally from Jenin.
Negotiations are beginning
with Israel for the provision of in-
frastructure services for the park.
The Tulkarm project is the
least developed, with the land
having so far only been purchased
in part by a consortium of busi-
nessmen. In the cases of all three
parks, it still undecided which in-
dustries will operate.
Meanwhile, Mr. Shtayyeh
signed a contract for a $35 million
loan from the Arab Fund in
Kuwait for improving health, ed-
ucation and roads infrastructure
in Gaza and the West Bank.
Carrier Bids
For Tadiran Stake
Jerusalem (JPFS) — United
States air conditioner company
Carrier is in advanced negotia-
tions to purchase 26 percent of
Tadiran Appliances from Tadi-
ran.
The companies entered talks
about four months ago.
According to the proposed
agreement, Carrier will receive
an option to increase its holdings
in the electric appliances compa-
ny in three years, turning it into
a. controlling shareholder. The
transaction is estimated at $18
Carrier owns 49 manufactur-
ing plans worldwide.
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