Yossi Maiman's Ampal-American Israel Corp. is writing off the entire
value of its 12.5% stake in EMG, the company that sold Egyptian natural
gas to Israel before Cairo scuttled the deal.
The write-off triggered a $284 million operating loss for Ampal in the
first quarter, which included a going-concern warning, the company said
on Tuesday. It did not discuss any turnaround expected from its legal
battle against Egyptian natural gas company EGAS and the Egyptian
Since last year's Egyptian revolution, the pipeline sending gas to
Israel has been attacked repeatedly. Last month, EGAS announced it was
rescinding its contract to supply gas to Israel.
|Liveleak on Facebook|