The Tel Aviv District Court has approved the request of 124 buyers to appoint temporary trustees to manage the assets of three companies in the Hacham Group, involved in the 'Israel B'K' real estate project in Tel Aviv. This project, concerning land purchases from 2023 to 2025, is facing financial collapse. Buyers paid approximately 56 million shekels for land rights and an additional 40 million shekels in management fees, but the project has stalled due to the group's insolvency. The land was mortgaged for 33 million shekels without buyers receiving protective exclusion letters. Allegations of fraud and fund misappropriation have been raised. The court rejected the group's request to resolve the issue without a trustee, emphasizing the need for a neutral party to investigate fraud claims. The trustees are required to submit a preliminary report by February 2026.
