A mammoth quarterly loss and a going concern warning have raised fears over the future of one of Israel’s largest and most heavily-leveraged corporations.
Under the leadership of Nohi Dankner, one of Israel’s most dynamic businessmen, IDB Holding Corp underwent rapid expansion over the past decade.
But the downturn in Europe and a disastrous investment in Las Vegas real-estate, among other factors, have pushed the corporation into the red.
Last week’s announcement of a NIS 1.3b quarterly loss (£630m) surprised the market only by the scale of losses.