פרסומים אחרונים במדור "חדשות"

if there is some clause in some obscure law then what's the rationale behind it?

"FAHRENHEIT 9/11: Citigroup, AOL TimeWarner have big Saudi investors.

“His name is Alwaleed bin Talal. His grandfather was Saudi Arabia's founding monarch. With huge stakes in companies ranging from Citigroup Inc. to the Four Seasons luxury hotel chain, he is one of the richest men on the planet....Last year, Forbes magazine ranked Alwaleed the fifth-richest man in the world, with a net worth of nearly $18 billion. His Kingdom Holding Co. spans four continents. Over the years, he has acquired major stakes in companies such as Apple Computer Inc., AOL Time Warner Inc., News Corp. and Saks Inc., parent of retailer Saks Fifth Avenue .” Richard Verrier, “Disney's Animated Investor; An Ostentatious Saudi Billionaire Prince Who Helped Bail Out the Company's Paris Resort in the Mid-'90s is Being Courted to Do So Again,” Los Angeles Times, January 26, 2004. "

‏¹ http://www.forbes.com/2002/03/11/0311alwaleed.html

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although the saudi stake in Citi seems to be less than 51%, things are actually more complicated than that. in addition to the Citi conglomerate being a real hydra, it is also involved with the saudis the other way, by mutual acquisitions. for example (although Citi does not parade this bit of info), they are holding 20% of the royal saudi bank, SAMBA. this mode of mutual ownership is infamous for allowing entities holding less than majority share to control a company. such would be for example the case of de-beers diamonds, which came under the control of ernest oppenheimer through this mutual stakeholding (where both companies hold stakes in each other) of debeers and consolidated mines in rhodesia.
this has allowed debeers to become a defacto cartel, with let's say very interesting business practices.

now, i'm not saying this is the case with citi and saud, but rather just pointing out that things are more complex than they seem, with a possibility of gaining control with much less than 51%.

http://www.samba.com.sa/about/pdf/Year2002Report.pdf

May 27, 2004

Citigroup Announces Agreement to Sell its 20% Stake in Samba Financial Group

London — Citigroup (NYSE: C) announced today that it has reached agreement to sell its 20 percent stake in Samba Financial Group, formerly known as the Saudi American Bank, to the Public Investment Fund, a Saudi public entity. Citigroup will record an after tax gain on this sale of approximately $760 million, or 15 cents per share, in the second quarter of 2004.

Is it "kosher" at all?

First, I’ll provide an appropriate disclosure. As you probably can tell from my IP address I don’t live near by. I’m writing in English since my computer doesn’t have the character set for Hebrew fonts (and where will I get all those little stickers with Hebrew fonts for the keyboard keys). After reading Ari Shavit’s commentary in Haaretz it made me come up with the following question: Currently there are 88 responses to this news item and people talk about CITI, Saudis tycoons and the likes. But doesn’t anyone care that a foreign guy is being parachuted on the Israeli Banking system to preside over it? It is not about jealously towards this well talented and much accredited guy rather it is about Israelis sense of civic pride and union. I mean, he didn’t do aliya for its own sake but to get the job. He didn’t go through all the things that make Israelis what they are. On top of that he won’t be doing just some expert job in a back room but he is going to be front and center as one of the main voices of authority and national administration for this country and to its citizens. Doesn’t anyone have a problem or grievance with that? or maybe people are too fade up with the local lot .