Yitzhak Tshuva

A derivative action alleged that the Delek Foundation had paid approximately 30 million shekels to the Western Wall Heritage Foundation for a synagogue project associated with Tshuva's name, outside the foundation's approved purposes and without the authorisations required for a transaction involving a personal interest of the controlling shareholder. A settlement provided for repayment of 16 million shekels, including 8 million personally from Tshuva; the court approved it on 10 March 2025.

State of the evidence

Settlement

Attribution

Accused

Following the acquisition of North Sea oil assets and the collapse in energy prices at the start of the pandemic, Delek Group faced a severe liquidity crisis, a going-concern warning and intense pressure from bondholders. The situation revived criticism of Tshuva following the earlier Delek Real Estate restructuring.

State of the evidence

Documented

The simultaneous ownership of major interests in Tamar and Leviathan by Delek and Noble Energy triggered a national controversy over concentration in Israel's gas market. The competition authority challenged the structure, and the government developed a gas framework intended, among other things, to organise divestments and the development of Leviathan.

State of the evidence

Documented

Delek Real Estate, controlled by Tshuva, had to restructure approximately 2.1 billion shekels of bond debt. Depending on the proposals and bond series, creditors faced very substantial reductions; the final agreement provided for them to recover approximately 750 to 830 million shekels, with contributions, guarantees and commitments from Tshuva.

State of the evidence

Documented

Attribution

Personally implicated

Tshuva and Delek Group led a public campaign against the Sheshinski Commission's recommendations to increase the state's share of gas and oil profits. Tshuva warned that an excessive tax increase risked undermining field development and investment.

State of the evidence

Documented

Attribution

Personally implicated