Nathan Kirsh
Encyclopedia
Nathan Kirsh is a South African business magnate, with a property empire spanning the United Kingdom
, Swaziland
and Australia
. He carries a Swazi passport. However, he also has residency status in the United Kingdom and the United States
. He and his wife Frances Herr have one son and two daughters.
.
, one of South Africa’s leading financial services groups, unravelled.
His main holding group, Kirsh Holdings Group, owns Swazi Plaza Properties – his biggest interest in that country – in a 50/50 partnership with the government-owned Swaziland Industrial Development Company (SIDC).
Kirsh owns Ki Corporation, a Liberian-domiciled company that is held by the Eurona Foundation. Through Kifin Limited, part of Ki Corporation, Kirsh holds a 29.9% stake in London-based property developer Minerva (property firm)
. Kirsh recently made British headlines for an attempted takeover bid of Minerva (property firm)
, although he pulled out in early January 2010. “The offer was made at 50p a share in cash, valuing Minerva at about £85m, and needed 50 per cent of stock.”
However, the offer was considered to undervalue the company.
The Eurona Foundation is a trust organised in Liechtenstein. Kirsh and Prince Michael von Liechtenstein are the two trustees of the foundation. The Eurona Foundation also majority owns (84.5%) another of Kirsh’s companies, Mira Mag, which in turn owns a significant stake in Israeli security company, Magal Security Systems
.
Kirsh’s companies are registered in tax havens such as the British Virgin Islands and Liberia, listed on the Organisation for Economic Co-operation and Development
’s tax-haven “Grey list”.
KiFin Limited’s deputy chairman is Ron Sandler
, the government-appointed Non-Executive Chairman of Northern Rock
and advisor to Prime Minister Gordon Brown
. Sandler told The Independent
that he was a “sounding board” and advisor to Nathan Kirsh.
Kirsh’s younger brother, Issie Kirsh, was also based in Swaziland at the same time as Nathan. Today Issie is the chair of South African company, Primedia Ltd, which owns Radio 702
, among other media outlets. Issie’s son William is the CEO of Primedia. Issie also founded RAM FM (West Bank)
, a radio station designed to encourage peace in the Middle East. It had offices in Ramallah and Jerusalem before being shut down in August 2008.
, with a beneficial ownership of 24.2%. He is also a director of the company.
Magal Security Systems
develops and supplies control systems and intrusion detection systems and is the main supplier of electronic fences for the controversial Wall project in the West Bank. Magal won 80% of the bids published by the Israeli Ministry of Defence for the installation of intrusion detection systems along the Wall.
The company has been heavily criticized by several NGO bodies, which have expressed concern that the company is involved in constructing the wall which was declared illegal by the International Court of Justice
in July 2004.
Additionally, the two Danish financial institutions, the Danish Bank (Danske Bank
) and the Pensioner Bank (PKA) withdrew all of their investments from Magal Security Systems
(and another Israeli security company called Elbit Systems
) at the beginning of 2010 for their role in the construction of the Wall.
The decision came after human rights groups and boycott campaigns declared the wall to be in violation of an advisory ruling made by the Hague International Court.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, Swaziland
Swaziland
Swaziland, officially the Kingdom of Swaziland , and sometimes called Ngwane or Swatini, is a landlocked country in Southern Africa, bordered to the north, south and west by South Africa, and to the east by Mozambique...
and Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
. He carries a Swazi passport. However, he also has residency status in the United Kingdom and the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. He and his wife Frances Herr have one son and two daughters.
Education
Kirsh obtained a Bachelor of Commerce at the University of Witwatersrand and holds an Honorary Doctor of Law at the University of SwazilandUniversity of Swaziland
The University of Swaziland developed from the University of Botswana, Lesotho and Swaziland , formerly known as the University of Basutoland, Bechuanaland and Swaziland , which had its headquarters in Lesotho between 1964 and 1975. It eventually became the University of Botswana and Swaziland in...
.
Commercial
Nathan Kirsh left South Africa permanently for Swaziland in 1986 after a business partnership between his company, Kirsh Industries, and SanlamSanlam
Sanlam Limited is a financial services group in South Africa with its head office in Bellville in the Western Cape. Established in 1918, the Group demutualised in 1998 and Sanlam Limited then listed on the JSE Limited in Johannesburg and the Namibian Stock Exchange. The Sanlam Group conducts its...
, one of South Africa’s leading financial services groups, unravelled.
His main holding group, Kirsh Holdings Group, owns Swazi Plaza Properties – his biggest interest in that country – in a 50/50 partnership with the government-owned Swaziland Industrial Development Company (SIDC).
Kirsh owns Ki Corporation, a Liberian-domiciled company that is held by the Eurona Foundation. Through Kifin Limited, part of Ki Corporation, Kirsh holds a 29.9% stake in London-based property developer Minerva (property firm)
Minerva (property firm)
Minerva plc is a London based British developer and property firm co-founded by the millionaire philanthropists Sir David Garrard and Andrew Rosenfeld. Garrard and Rosenfeld took the company public in 1996 and have now left the business....
. Kirsh recently made British headlines for an attempted takeover bid of Minerva (property firm)
Minerva (property firm)
Minerva plc is a London based British developer and property firm co-founded by the millionaire philanthropists Sir David Garrard and Andrew Rosenfeld. Garrard and Rosenfeld took the company public in 1996 and have now left the business....
, although he pulled out in early January 2010. “The offer was made at 50p a share in cash, valuing Minerva at about £85m, and needed 50 per cent of stock.”
However, the offer was considered to undervalue the company.
The Eurona Foundation is a trust organised in Liechtenstein. Kirsh and Prince Michael von Liechtenstein are the two trustees of the foundation. The Eurona Foundation also majority owns (84.5%) another of Kirsh’s companies, Mira Mag, which in turn owns a significant stake in Israeli security company, Magal Security Systems
Magal Security Systems
Magal Security Systems Ltd. , Magal Security Systems, Ltd. develops and manufactures advanced Perimeter Intrusion Detection Systems. Magal's systems are installed in more than 75 countries worldwide, protecting airports, borders, nuclear facilities, military bases, communications centers, maximum...
.
Kirsh’s companies are registered in tax havens such as the British Virgin Islands and Liberia, listed on the Organisation for Economic Co-operation and Development
Organisation for Economic Co-operation and Development
The Organisation for Economic Co-operation and Development is an international economic organisation of 34 countries founded in 1961 to stimulate economic progress and world trade...
’s tax-haven “Grey list”.
KiFin Limited’s deputy chairman is Ron Sandler
Ron Sandler
-Early life:Sandler was born in Bulawayo, Southern Rhodesia in 1952 and has an undergraduate degree in engineering from Queens' College, Cambridge and an MBA from Stanford University.-Career in the financial sector:...
, the government-appointed Non-Executive Chairman of Northern Rock
Northern Rock
Northern Rock plc is a British bank, best known for becoming the first bank in 150 years to suffer a bank run after having had to approach the Bank of England for a loan facility, to replace money market funding, during the credit crisis in 2007. Having failed to find a commercial buyer for...
and advisor to Prime Minister Gordon Brown
Gordon Brown
James Gordon Brown is a British Labour Party politician who was the Prime Minister of the United Kingdom and Leader of the Labour Party from 2007 until 2010. He previously served as Chancellor of the Exchequer in the Labour Government from 1997 to 2007...
. Sandler told The Independent
The Independent
The Independent is a British national morning newspaper published in London by Independent Print Limited, owned by Alexander Lebedev since 2010. It is nicknamed the Indy, while the Sunday edition, The Independent on Sunday, is the Sindy. Launched in 1986, it is one of the youngest UK national daily...
that he was a “sounding board” and advisor to Nathan Kirsh.
Family
His son Philip William Kirsh (formerly married to Rona Gluck), is among other things president of the Hot & Crusty Bakeries in New York. Philip is an Oxford University law graduate who gave up being an attorney to go into business. Philip also set up restaurantmarket.com in 2000 and is listed as the CEO. Philip also appears as a fellow trustee on a number of his father’s companies, including Ki Corporation and Magal Security Services. Kirsh’s two daughters and son also live in New York.Kirsh’s younger brother, Issie Kirsh, was also based in Swaziland at the same time as Nathan. Today Issie is the chair of South African company, Primedia Ltd, which owns Radio 702
Radio 702
Radio 702, currently known as Talk Radio 702, is a commercial FM radio station based in Johannesburg, South Africa, broadcasting on FM 92.7 and FM 106 to the greater Gauteng province. The station is also webcast via its website. It claims to be Johannesburg's number one news and talk station,...
, among other media outlets. Issie’s son William is the CEO of Primedia. Issie also founded RAM FM (West Bank)
RAM FM (West Bank)
RAM FM was an independent English-speaking radio station broadcasting from Ramallah, Palestine.-History:Radio 702's success in Johannesburg, South Africa – in PRIMEDIA BROADCASTING's stable of four radio stations – led Issie Kirsh, the founder and first chairperson, to seek to emulate this winning...
, a radio station designed to encourage peace in the Middle East. It had offices in Ramallah and Jerusalem before being shut down in August 2008.
Magal Securities
Nathan Kirsh is the largest shareholder of Magal Security SystemsMagal Security Systems
Magal Security Systems Ltd. , Magal Security Systems, Ltd. develops and manufactures advanced Perimeter Intrusion Detection Systems. Magal's systems are installed in more than 75 countries worldwide, protecting airports, borders, nuclear facilities, military bases, communications centers, maximum...
, with a beneficial ownership of 24.2%. He is also a director of the company.
Magal Security Systems
Magal Security Systems
Magal Security Systems Ltd. , Magal Security Systems, Ltd. develops and manufactures advanced Perimeter Intrusion Detection Systems. Magal's systems are installed in more than 75 countries worldwide, protecting airports, borders, nuclear facilities, military bases, communications centers, maximum...
develops and supplies control systems and intrusion detection systems and is the main supplier of electronic fences for the controversial Wall project in the West Bank. Magal won 80% of the bids published by the Israeli Ministry of Defence for the installation of intrusion detection systems along the Wall.
The company has been heavily criticized by several NGO bodies, which have expressed concern that the company is involved in constructing the wall which was declared illegal by the International Court of Justice
International Court of Justice
The International Court of Justice is the primary judicial organ of the United Nations. It is based in the Peace Palace in The Hague, Netherlands...
in July 2004.
Additionally, the two Danish financial institutions, the Danish Bank (Danske Bank
Danske Bank
Danske Bank is a Danish bank. The name literally means "Danish Bank" It was founded 5 October 1871 as Den Danske Landmandsbank, Hypothek- og Vexelbank i Kjøbenhavn ....
) and the Pensioner Bank (PKA) withdrew all of their investments from Magal Security Systems
Magal Security Systems
Magal Security Systems Ltd. , Magal Security Systems, Ltd. develops and manufactures advanced Perimeter Intrusion Detection Systems. Magal's systems are installed in more than 75 countries worldwide, protecting airports, borders, nuclear facilities, military bases, communications centers, maximum...
(and another Israeli security company called Elbit Systems
Elbit Systems
Elbit Systems Ltd. is one of the world's largest defense electronics manufacturers and integrators. Established in 1967, and based in Haifa, Israel, Elbit employs 11,000 people worldwide....
) at the beginning of 2010 for their role in the construction of the Wall.
The decision came after human rights groups and boycott campaigns declared the wall to be in violation of an advisory ruling made by the Hague International Court.