as tase ilco industry oil shipping energy chemicals and transportation founded 1968 ; 48 years ago 1968 headquarters tel aviv israel key people idan ofer chairman of the board nir gilad and ceo revenue 37.2 billion 2010 operating income 6.2 billion 2010 profit 3.7 billion 2010 number of employees 25 subsidiaries israel chemicals ltd. oil refineries ltd tower semiconductor zim integrated shipping services qoros 50 % website israelcorp.com israel corporation hebrew is israel s largest holding company . it was founded in 1968 by the government of the state of israel . 50 % of its manufacturing activities and 70 % of its consolidated revenues derive from global operations . its core holdings are fertilizers and specialty chemicals energy shipping and transportation . 1 israel corp is a constituent of the ta 25 index of leading shares of the tel aviv stock exchange . two of its major holdings israel chemicals and oil refineries ltd are also constituents of the ta 25 index . 2 contents 1 history 2 major holdings 3 criticism 4 references 5 external links history edit the israel corp was founded by the government of israel together with shaul eisenberg in 1968 who was one of the first strategic foreign investors in israeli history under the initiative of then minister of finance pinchas sapir of the israeli labor party who changed the encouragement of capital investments law to attract foreign investment . the change ensured that the company s owners were exempt from taxes for 30 years and received other benefits . 3 in 1975 the director general of israel corp michael tzur was sentenced to 15 years in prison after he was convicted on 18 counts of embezzlement theft fraud and bribery . 4 5 he was released from prison in 1981 . 6 shares of the company were offered to the public in 1969 1970 1974 and 1982 and the company was listed on the tel aviv stock exchange in 1982 . after eisenberg s death in 1998 the family sold control of the company to the ofer family . in 2007 55 % of the equity of the company was held by the ofer brothers group 18 % by bank leumi and the remainder by the public . 7 the israeli government holds the so called golden share in israel corps . meaning that any sale of a holding in israel chemicals needs a thorough examination to determine if it s in the interest of the state . 8 major holdings edit israel corp s major holdings are israel chemicals oil refineries ltd tower semiconductor kenon holdings and zim integrated shipping services . criticism edit the israel corporation was criticized in a documentary film examining the influence of big business on israeli politics . the movie the shakshuka system chronicles the history of the company and how it had allegedly benefited from a revolving door practice between the public and the private sector from its extensive network of connections in israel s political system and economic circles and from a high degree of influence on local media to squelch potential criticism . among the major allegations presented by the film was the bazan sale incident in which the company s stake in the country s largest oil refinery was bought out by israel s treasury for what many considered to be an overvalued sum especially since israel corp. was bound by an agreement to return its holding of bazan to the state without compensation . the company had allegedly blocked the film from being broadcast on any of israel s commercial tv channels and it was finally broadcast on channel one . references edit israel corp ltd. home page . retrieved 2009 10 15 . tase market cap indices ta 25 retrieved 2009 10 07 globes 60 most important economic events in israel s history in hebrew retrieved 2009 10 07 tzur hit with 18 count indictment . jewish telegraphic agency . 10 april 1975 . retrieved 12 january 2016 . report on the israel corporation . jewish telegraphic agency . 1 february 1977 . retrieved 12 january 2016 . michael tzur gets ten months cut in prison term . jewish telegraphic agency . 10 june 1981 . retrieved 12 january 2016 . israel corp company history retrieved 2009 10 07 potash israel chemicals merger faces government obstacles by david wainer and gwen ackerman november 01 2012 bloomberg external links edit israel corporation ofer brothers group v t e companies of the ta 25 index companies of israel avner oil exploration azrieli group bezeq cellcom delek delek drilling elbit systems fibi frutarom gazit globe hapoalim israel chemicals israel corporation israel discount bank isramco leumi mizrahi tefahot nice opko health ormat technologies osem paz oil company perrigo company strauss group teva retrieved from https en.wikipedia.org w index.php title israel corporation & oldid 716960065 categories holding companies established in 1968companies listed on taseconglomerate companies of israelcompanies based in tel avivofer familyholding companies of israel1968 establishments in israelhidden categories articles containing hebrew language text navigation menu personal 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