Plaza Centers NV - Amsterdam-headquartered property investor with interests in Europe and India - Announces that Plaza and Elbit Imaging Ltd have reached settlement with two respondents in ongoing lawsuit in Israel. Lawsuit was filed with the District Court in Tel-Aviv by Plaza and Elbit in October 2020 against certain officers of both companies, certain heirs of former controlling shareholder Motti Zisser, who is now dead, and other parties involved in a 2011 sale of US shopping centres. Brokerage fees for this transaction were allegedly illegally transferred to private companies controlled by Zisser. District Court approves the settlement agreement and imposes a publication ban on its details. Provisions indicate that Plaza's portion, after deducting expenses, is "a few hundred thousand euros" and should be received over a period of several months. Plaza and Elbit will continue to handle legal proceeding in District Court; each party shall maintain all claims in main proceeding.
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By Emma Curzon, Alliance News reporter
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