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Israeli adviser casts doubt on benefit of selling insurers to Chinese firms

The chairman of Israeli Finance Minister Moshe Kahlon's advisory committee has called into question the benefits of selling Israeli insurance firms to Chinese companies, Bloomberg News reported Dec. 13.

Maharan Frozenfar said it is "not clear" what benefits Chinese companies can provide with regard to managing pensions.

His comments come as Israeli regulators review China-based Fujian Yango Group Co. Ltd.'s proposed acquisition of Delek Group Ltd. unit Phoenix Holdings Ltd., for which a binding agreement was signed in August.

"The Israeli government needs to put in the kind of parameters that will make sure our pensions aren't put at risk," Frozenfar said.

Frozenfar noted, however, that Chinese companies interested in financing industrial companies and infrastructure projects in Israel are "very welcome" as they offer "lots of know-how and experience" in those areas, according to the report.