26-year-old yeshiva student takes reins of El Al, some strings attached

[Disir]

The new owner of the country’s national airline, Eli Rozenberg, is not allowed to ask his father, US-based businessman Kenny Rozenberg, for any additional investment in the company.

26-year-old yeshiva student takes reins of El Al, some strings attached

The new owner of the country’s national airline, Eli Rozenberg, is not allowed to ask his father, US-based businessman Kenny Rozenberg, for any additional investment in the company.

www.jpost.com

I read the above and it seemed like Dad made the decision.

Nope. Israel made the decision. The 26 year old is a citizen and dad isn't.

And here is some more stuff he can't do:

The state attached several strings to the decision, The Marker reported on Sunday. The new owner will not be able to ask his father for any more funds concerning El Al. The new CEO of the airline, as well as the majority of the board, will need to be people with at least five years of experience in the field. No blood relatives of the Rosenberg family may hold positions in the company. The young owner cannot sell his stocks to his father nor can his company sell more than 5% of its stocks without the approval of the Israeli authorities.

26-year-old yeshiva student takes reins of El Al, some strings attached

The new owner of the country’s national airline, Eli Rozenberg, is not allowed to ask his father, US-based businessman Kenny Rozenberg, for any additional investment in the company.

www.jpost.com

 

[$ecular#eckler]

Sounds like really scary situation. What do you think?

 

[Disir]

I think there is a larger backstory that I am not aware of yet.

 

[Picaro]

Sounds like a CEO not wanting the government taking an magnified interest in the country's national airline to me. What exactly is wrong with the situation? Many governments have stronger restrictions on domestic corporations. they aren't a monopoly, though, which makes it a little weird, but not majorly so. Many boards of Directors are chosen under similar rules as are management voting shares and the like. A small country like that will have a lot of conflicts of interest that need to be protected against or addressed, or they will be constantly sued.

From your own link:

The joint decision by Transportation Minister Miri Regev, Alternate Prime Minister Benny Gantz and Communications Minister Dudi Amsalem was made after the airline’s lawyer, Avigdor Klagsbald, argued in late September that the young Rozenberg serves as a cover for his father, US businessman Kenny Rozenberg, and that the company the young Rozenberg is the head of – Kanfei Nesharim (Eagles’ Wings) – is really controlled by his father.


El Al is seen as an asset of national importance and, as a result, Israeli law demands a citizen serve as its owner.

While the young Rozenberg is a citizen, his father is not.

 

[Disir]

Sounds like a CEO not wanting the government taking an magnified interest in the country's national airline to me. What exactly is wrong with the situation? Many governments have stronger restrictions on domestic corporations. they aren't a monopoly, though, which makes it a little weird, but not majorly so. Many boards of Directors are chosen under similar rules as are management voting shares and the like. A small country like that will have a lot of conflicts of interest that need to be protected against or addressed, or they will be constantly sued.

From your own link:

The joint decision by Transportation Minister Miri Regev, Alternate Prime Minister Benny Gantz and Communications Minister Dudi Amsalem was made after the airline’s lawyer, Avigdor Klagsbald, argued in late September that the young Rozenberg serves as a cover for his father, US businessman Kenny Rozenberg, and that the company the young Rozenberg is the head of – Kanfei Nesharim (Eagles’ Wings) – is really controlled by his father.


El Al is seen as an asset of national importance and, as a result, Israeli law demands a citizen serve as its owner.

While the young Rozenberg is a citizen, his father is not.

I saw that but there is usually some back drama that occurs in the background.
Like this:

El Al demands true identity of potential buyer

El Al Israel Airlines (LY, Tel Aviv Ben Gurion) has cast doubt on the real identity of the bidder seeking to acquire a controlling stake in the carrier, yet has also declined the bidder's request to meet the board to clarify who he is, the financial newspaper Globes reported. There is no point...

www.ch-aviation.com

El Al to potential buyer: Clarify legal settlement over family’s finances

El Al is perceived as a strategic asset of the State of Israel and under law those who control it must be Israelis.

www.jpost.com