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  8/23/2007, Elul 9, 5767

Kiryat Shmona To Sue Firm for Leaving


The Kiryat Shmona Economic Corporation is suing the Biomedix subsidiary and its subsidiary Meytav Technological Enterprises for deciding to move the company out of the Upper Galilee city. The move comes after disputes between the city and the company although the firm stated it wants to relocate in nearby Tel Hai in order to be closer to the community college and a proposed biotech industry center.

The Kiryat Shmona Corporation argued that Biomedix paid out a small sum of money for Meytav while not disclosing its real value. Biomedix claims that the value of the subsidiary grew only after it was purchased.