Claims of losses exceeding 100 million shekels: Avishai Neria against partner Itzik Baruch
The Yuvalim Group has notified the stock exchange of a "demand letter" from Avishai Neria regarding alleged losses in joint ventures. Yuvalim dismissed the claims as baseless, attributing them to Neria's own financial difficulties.
The partnership dispute surrounding the Yuvalim Group: Avishai Neria, a business partner of Yuvalim's controlling shareholder Itzik Baruch, is claiming losses incurred by several companies owned by the two—even before the company's bonds were first registered for trading on the Tel Aviv Stock Exchange in June 2021.
Neria recently sent a "demand letter for the exhaustion of rights before filing a derivative lawsuit" to Yuvalim B.A. Pinui Binui Netanya, in which he is a partner. In the letter, Neria claims losses of up to approximately 102.7 million shekels caused to the company. According to the Yuvalim Group's stock exchange filing, the claims concern agreements signed in May 2021 for the sale of apartments in projects where Baruch and Neria hold equal 50% stakes.
It should be noted that A.B. Yuvalim is the company holding the entire issued and paid-up share capital of the Yuvalim Group, which is owned entirely by Itzik Baruch.
"There is no substance to the claims"
In its filing, the company rejected the claims, labeling them as "baseless, devoid of any foundation, raised with great delay, and made in bad faith." The company assesses that the claims are driven by Neria's personal financial entanglement, including attachments placed on his assets and shares due to debts of tens of millions of shekels, as well as a court ruling ordering him to pay 6.3 million dollars to a former partner.
"The letter is intended to exert improper pressure in an attempt to increase the partner's share in profits," the company stated. They emphasized that if a lawsuit is filed and the court determines damage was caused, the compensation would be paid by Baruch, with the Yuvalim Group entitled to 50% of that amount.
Neria's financial difficulties also involve a separate dispute with partner Uri Ansbacher. An arbitration award issued in early 2025 ordered Neria to repay a 6.25 million dollar debt. Neria's petition to the Jerusalem District Court to cancel the award was rejected by Judge Einat Avman-Muller, who confirmed the award and ordered the applicants to pay 50,000 shekels in legal costs.
