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Israel's Finance Minister Lapid Won't Relinquish Zim's "Golden Share"

The golden share gives the government rights to protect the essential interests of the State of Israel
22.06.14 / 10:10
Israel's Finance Minister Lapid Won't Relinquish Zim's "Golden Share"
Photography: ורהפטיג-וניציאן
Israel's Finance Minister Lapid Won't Relinquish Zim's "Golden Share"

Israel's Finance Minister Yair Lapid has decided not to forego the government's "golden share" in debt-ridden Zim Integrated Shipping Services Ltd. Israel's biggest shipping company.

 

The golden share gives the government rights to protect the essential interests of the State of Israel. The rights include: receiving government approval for decisions that could harm the preservation of the company’s Israeli identity, and maintaining a minimal operational ability and freight capacity in times of crisis.

 

The government must approve any decisions that could affect the "Israeli identity" of the company and the golden share prevents "hostile entities" from taking positions that could influence Zim.

 

The decision was made following discussions led my Ministry of Finance Director General Yael Andorn, with representatives from the relevant Finance Ministry departments, the Ministry of Defense, the Ministry of Transport, and the Ministry of Justice. During the discussions, government heard Zim’s position, and the position of the Merchant Marine Officers Association.

 

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