Israel business news website themarker.com is reporting that an interesting drama playing out in the courts in Israel will result in the (attempted) sale of FX and CFD broker technology provider Panda Trading Systems to a third party.
Haifa District Court justice Dr. Muhammad Ali has ruled, following several long and protracted proceedings before the court, that a longstanding dispute between Panda co-founders and co-owners Maor Lahav and Shmuel Gutman is insolvable, and has thus accepted Mr. Gutman’s request that the court oversee a sale of the company to a third party.
Maor Lahav and Shmuel Gutman co-founded Panda in 2007, and continue to each own 50% of the company. However the pair did not put in place dispute mechanisms in case of future disagreements. Following an impasse between the two regarding how Panda should be run, beginning more than five years ago, the courts became the referee in a longstanding fight that now led to Justice Ali’s decision.
Justice Ali has appointed accountant Yair Shilhav to oversee the sale process for Panda. Mr. Shilhav will present his plan to the court for approval.
An interesting part of Justice Ali’s ruling will see Maor Lahav removed from Panda’s board of directors, and he will no longer have any access to Panda’s internal systems or data. He is further enjoined from sharing any information about Panda to third parties during the sale process, which are to be effected solely by Mr. Shilhav and approved company officials.
We will continue to follow this story as it develops.
