Ampal-American Israel Corporation was a New York unit of

Israel Israel (; he, יִשְׂרָאֵל, ; ar, إِسْرَائِيل, ), officially the State of Israel ( he, מְדִינַת יִשְׂרָאֵל, label=none, translit=Medīnat Yīsrāʾēl; ), is a country in Western Asia. It is situated ...

Bank Hapoalim Bank Hapoalim ( he, בנק הפועלים lit. ''The Workers' Bank'') is one of Israel's largest banks. History The bank was established in 1921 by the ''Histadrut'', the Israeli trade union congress (lit. "General Federation of Laborers in the ...

. It was a

holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...

that primarily acquired interests in Israel-related businesses.

History

In 1942, members of the

Labor Zionist Labor Zionism ( he, צִיּוֹנוּת סוֹצְיָאלִיסְטִית, ) or socialist Zionism ( he, תְּנוּעָת הָעַבוֹדָה, label=none, translit=Tnuʽat haʽavoda) refers to the left-wing, socialist variation of Zionism. ...

movement founded AMPAL to guarantee loans for financial projects in the Jewish

Yishuv Yishuv ( he, ישוב, literally "settlement"), Ha-Yishuv ( he, הישוב, ''the Yishuv''), or Ha-Yishuv Ha-Ivri ( he, הישוב העברי, ''the Hebrew Yishuv''), is the body of Jewish residents in the Land of Israel (corresponding to the s ...

. From 1945, the corporation financed the development of basic industries, utilities and housing. In 1998, Ampal acquired a one-third interest in Motorola Solutions Israel Ltd., a wireless-communications business in Israel, for $110 million, as a springboard for other investments in the telecommunications and high-tech sector. In 2002, businessman

Yossi Maiman Yossi Maiman ( he, יוסי מימן; 8 February 1946 − 9 October 2021), also known as Josef Maiman, was a German-born Israeli businessman. He was the founder and owner of the Merhav Group, and a shareholder of the East Mediterranean Gas Comp ...

acquired Ampal from

Beny Steinmetz Beny Steinmetz ( he, בני שטיינמץ; born 2 April 1956) is an Israeli businessman and entrepreneur, with a focus in the mining and energy sectors, while being also active in the real estate and diamond-mining industries. Beny Steinmetz is ...

for US $174 million in 2002. He served as its chairman from 2002 to 2013, and as its president and chief executive officer from 2006 to 2013. The company's main holding is a 12% stake in the

East Mediterranean Gas Company East Mediterranean Gas Company (EMG) is an owner and operator of thePeace Pipileine Al Arish–Ashkelon pipeline The Arab Gas Pipeline is a natural gas pipeline in the Middle East. It originates near Arish in the Sinai Peninsula and was built ...

(EMG), a

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...

company set up to handle the export of

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...

from Egypt to Israel. Following four attacks on the gas pipeline that connects to the company's

Arish–Ashkelon pipeline The Arab Gas Pipeline is a natural gas pipeline in the Middle East. It originates near Arish in the Sinai Peninsula and was built to export Egyptian natural gas to Jordan, Syria, and Lebanon, with branch underwater and overland pipelines to and ...

, supply has been interrupted and as of September 2011 has not resumed. As a result, the company's

debentures In corporate finance, a debenture is a medium- to long-term debt instrument used by large companies to borrow money, at a fixed rate of interest. The legal term "debenture" originally referred to a document that either creates a debt or acknowle ...

have been downgraded by

Moody's Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides international ...

to BA3. In 2013, a New York Court ordered that Ampal be liquidated under Chapter 7 bankruptcy proceedings.

References

{{DEFAULTSORT:Ampal-American Israel Corporation Investment companies of Israel Defunct energy companies of Israel Companies based in Tel Aviv Holding companies established in 1942 Financial services companies established in 1942 1942 establishments in Mandatory Palestine

History

See also

References