About two months ago, the student union announced in a solemn announcement about the sale of ISTA company shares
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, what was not included in the announcement is that the sale was made 24% below the market price at the time. At the time of the announcement, we criticized the chairman of the association, Elhanan Fellheimer, who not only did not take responsibility for the stupid move, but even congratulated him: “Today we took a significant step for the benefit of the students which will allow us to promote new projects, both on the academic and social levels. “It is clear to everyone that the money that reached the association’s coffers is much less than what it could actually receive.
Today Ista announced the resignation of Fellheimer from the company’s board of directors. The student association had three members on the ISTA board of directors, but following a decrease in the company’s holdings to below 18% after the sale transaction, the number of directors the association is entitled to appoint was reduced to 2, in accordance with the control agreement between the association and Ahashi Gal, the company’s CEO, and each 32 % of the company’s shares.
A possible explanation for Fellheimer’s resignation is the severe public criticism. The mistake of the association, with Fellheimer at its head, cost the students hundreds of shekels, the disrespect of public funds should not be taken lightly, certainly not by students for whom every shekel means something. It makes sense that Fellheimer wanted to take the spotlight off him, it is not clear why we did not see this move before.
The association has had significant percentages in ISTA since its establishment and issuance in the 1990s. When Ista was established, its initial purpose was to serve as a contact network for student tourism while providing discounts to its members. The last time the association sold shares of Ista was in 2010, when the association sold 8% of its shares in the company to Ahashi Gal, the owner of Ista Lines who serves as the company’s CEO, in exchange for 13.3 million shekels. The association’s holding in Ista today stands at about 5.3% compared to 21.3 % before purchase.
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