Ampal chairman enlarging home for NIS 14m

Beleagured Ampal chairman Yosef Maiman is building a 600-700 sq.m. house in Herzliya Pituah.

Ampal-American Israel Corporation (Nasdaq: AMPL; TASE:AMPL) chairman Yosef Maiman is building a new home in Herzliya Pituah , even as his business empire is in jeopardy. A builder told "Globes" that he estimated the cost of the project at NIS 12-14 million.

Ampal has asked its bondholders for a two-year postponement in the repayment of the principle on its bonds, due to problems at East Mediterranean Gas (EMG). Maiman owns 20.6% through Ampal and his private company Merhav Group. Maiman also owns a stake in Channel 10, which is on the verge of closing, and he also faces a $20 million lawsuit from fired Merhav executive and long-time associate Dr. Nimrod Novik.

The work on Maiman's home began 18 months ago, when EMG was still delivering gas, and Maiman's financial position appeared secure. For years, he lived relatively modestly in a house on Hanassi Street in Herzliya Hapituah. In 2001, he bought the house next door for NIS 8.8 million, according to the Israel Tax Authority records. That lot is occupied by a house built in the 1970s and swimming pool. The present renovations include demolishing the old buildings and pool, and building a three-floor 600-700 square meter house. The new house is due to be completed in a few months.

Maiman's spokesman said in response, "The issue involves the Maiman's family home, which it has owned for over 20 years. The amounts you mention are exaggerated far beyond reality."

Published by Globes [online], Israel business news - undefined - on January 8, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012