Zohar Levy, shareholder in real estate company Jerusalem Economy Ltd., after Summit Real Estate Holdings Ltd., which he controls, invested ILS 300 million in the real estate company through the offering it made a month ago and the distribution it made two weeks ago, is taking steps to replace Jerusalem Economy's board of directors. Jerusalem Economy notified the Tel Aviv Stock Exchange on April 11, 2016, that it had received a notice from Summit in which the company's board is asked to convene a shareholders meeting as soon as possible. At the meeting, the shareholders will be asked to dismiss all the directors other than the external directors, to appoint Zohar Levy and two others on Summit's behalf as directors, and to amend section 77 of the company's Articles such that its board of directors will have 5-7 members only.

At present, Jerusalem Economy's board has nine members, of which three were appointed by Bank Leumi. The change in the Articles, the downsizing of the board, and the appointment of directors representing Summit, are designed to enable Levy in effect to take over the company and run it.