By COLlive reporter
Argentine Jewish businessman Eduardo Elsztain has pulled through to bail out the holding group of one of Israel’s most known businessmen Nochi Dankner.
One of the richest Jews in South America, Elsztain, owner of Argentina’s largest real-estate company IRSA and a major donor to Chabad, is funneling $25 million to Dankner’s Ganden Holdings Ltd (parents of IDB Group).
The deal was signed on Friday in Buenos Aires in the presence of Rabbi Yoshiyahu Pinto, a prominent Sephardic rabbi who is Dankner’s spiritual guide and who recently become close to Elsztain.
“There is G-dly promise that the monies of those investing in Eretz Yisroel will be doubled and tripled,” Rabbi Pinto was quoted as promising.
Beyond Elsztain’s initial bailout of the company, the agreement also includes an option to invest an additional $75 million in the company in exchange for 20% more of the stock, Israel Hayom reported.
IDB Group needs $90 million to repay all of its obligations for the second half of 2013.
Elsztain is not a familiar name to Israelis, Haaretz pointed out and noted that in the early 1990s, “Elsztain consulted with the Lubavitcher Rebbe about investing some $45 million on Wall Street. The rebbe told him to sell all his stocks and buy real estate assets, and Elsztain acted accordingly.”
Elsztain is a third-generation real estate developer and his IRSA controls Banco Hipotecario, credit card company Tarshop and a number of luxury hotels all over the world and has a 35% holding in Manhattan’s Lipstick Building.
We have to be careful what we write or say (specially on the eve of YK), however, I’m very skeptical about this pinto guy, he’s known to roll around with the rich and famous, and give Brochos and Skulos to those that dish out BIG BUCKS, this is not a route Gedolay Yisroel ever took, not to mention all the scams and corruption his organization Shuva Yisroel is involved in.
My opinion is to give him ZERO coverage in Chabad media.
Take the following recipe;
islam riots around the world, now also in Toronto, o(s)bama re-election,
threats and trouble with Iran,
world making trouble everytime Israel wants to build apartments,
the only safe place in the world is Eretz hakodesh =
high demand for Israel apartments.
I think his investment is safe. we would love to buy an apt in Eretz hakodesh…
Real estate in EY is a bubble that is about to burst. Dankner is in over his head, largely because he takes advice from mekubalim like Pinto and the X-ray rabbi.
don’t much about Rabbi Pinto but he seems to have made a good shidduch of helping an Israeli company in need. May it be much success for all sides.
last pic or first pc
left to right
Nochi Dankner Rabbi Pinto Eduardo Elsztain
Why don’t you tag your pictures, the pictures are wonderful but who are these people ? Please let us know who we are seeing. thank you!
Who are the people in the pics? Whose the guy with a yarmulke? Whose the chassidiher guy in the back? Why does this real estate company need to be bailed out? Isn’t Israel real estate the hottest real ease right now? Why is a rabbi soliciting investors?