Appointments and Public Updates

10 July 2025

Appointment of Adv. Yehonatan Yanay as Sure-Tech Supervisor

On 10 July 2025, the general meeting of participation-unit holders approved the appointment of Adv. Yehonatan Yanay as Supervisor of Sure-Tech Investments - Limited Partnership for a three-year term. On the same day, Adv. Yanay was also appointed sole director of Insurance-Tech Trusts Ltd., which serves as the limited partner in the partnership. Since that date, he has served concurrently as the partnership's Supervisor and as sole director of the limited partner.

24 November 2025

Arranging Funding for Independent Legal Advice

On 24 November 2025, the Supervisor and the limited partner filed an application to arrange funding for independent legal advice and representation. In a decision dated 3 December 2025, the court held that a path toward agreement on funding the legal advice had been established, while preserving Adv. Yanay's right to file an appropriate application. On 31 December 2025, the Supervisor and the limited partner filed a further application concerning the funding. On 16 January 2026, the Supervisor and the limited partner notified the court that its proposal was acceptable to them.

24 December 2025

Urgent Application Concerning an Investment and Funding for the Supervisor's Work

On 24 December 2025, the Supervisor and the limited partner filed an urgent application for an interim order concerning an investment due to be considered by the board, and for an order concerning funding for the Supervisor's legal work. On 25 December 2025, the court denied the application on procedural and timing grounds, without expressing a view on the merits of the claims. The decision stated that it did not provide advance approval for any board decision and that the parties' arguments were reserved.

22 March 2026

Claim Concerning an Alleged Breach of the Objects Clause in the Partnership Agreement and Follow-on Investments in Companies Not Named in the Agreement.

On 22 March 2026, the limited partner and the Supervisor filed a claim and an application for interim relief. On 10 June 2026, the court denied the application for interim relief.

18 June 2026

Claim Filed by the General Partner and the Partnership Against the Supervisor and the Limited Partner

On 18 June 2026, the general partner and the partnership filed a claim against the limited partner and the Supervisor. The proceeding included an application for interim relief seeking to compel the limited partner to sign a shelf-offering report for a rights offering. The Supervisor and the limited partner filed a response to the application. On 2 July 2026, following a hearing, the court denied the application for interim relief.

7 September 2026

Appointment of Adv. Yehonatan Yanay as PetroTX Supervisor and Director of the Limited Partner

On 7 September 2026, the general meeting of participation-unit holders approved the appointment of Adv. Yehonatan Yanay as Supervisor of PetroTX - Limited Partnership for a three-year term. On the same day, Adv. Yanay was also appointed a director of PetroTX Trusts Ltd., which serves as the limited partner in the partnership. Since that date, he has served concurrently as the partnership's Supervisor and as a director of the limited partner.

14 October 2026

Notice of alleged deficiencies and request to convene the general partner's board

On 14 October 2026, the Supervisor wrote to Mr Yoav Nahir, chair of the board of Sure-Tech Management Ltd., copying directors and other recipients, requesting an immediate board meeting to consider the deficiencies he identified and decide on corrective action.

The letter concerned the rejection of unitholder Meir Mazuz's request to add a proposal to the agenda of the 28 October 2026 meeting to discontinue funding and reimbursement of the general partner's legal expenses. The Supervisor stated that the request had been rejected on the general partner's behalf on 1 October 2026 without, to his knowledge, being submitted for a board decision. He requested any decision relied upon, the materials considered, the participants' identities and the record of how personal interests were addressed.

In the Supervisor's view, this treatment impaired the unitholders' right to bring an appropriate matter before the meeting. He also sought examination of the distinction between rejecting the proposal about funding the general partner's defence and including proposals concerning his remuneration and funding for the litigation he had initiated. The letter also raised allegations concerning earlier requests to convene meetings and the non-publication of an amended trust agreement.

The Supervisor further raised concerns about the payment of the general partner's legal expenses from partnership funds without a valid indemnification undertaking and the required approvals. He requested consideration of the unitholder's proposal, reversal of the refusal that he regarded as unlawful, reporting of the deficiencies and preventive measures, and a further board discussion following the audit committee's review. Pending clarification of valid indemnification cover, he requested that such payments and commitments not be made without prior audit committee examination.

14 October 2026

Request to convene the audit committee to examine indemnification and litigation funding

On 14 October 2026, the Supervisor wrote to Mr Rani Gritzershtein, chair of the audit committee of Sure-Tech Management Ltd., requesting a committee meeting and an urgent review, with the internal auditor, of indemnification undertakings and funding for the general partner's legal expenses.

The Supervisor argued that the partnership agreement alone should not be treated as conferring an ongoing entitlement to funding for the general partner's expenses, and that the validity of the indemnification undertakings and renewal of the required approvals should be examined. He set out his position that the initial approval period had ended no later than 26 April 2026. The requested review covers expenses and commitments from the commencement of the relevant proceedings, not only payments made after that date.

He requested the actual signed indemnification undertakings, their terms, the decisions granting and renewing them and the relevant minutes, together with a complete schedule of charges for each proceeding and expert opinion. The requested records include fee agreements, invoices, payments and outstanding commitments, distinguishing supplier payments, reimbursements to the general partner, insurance funding, deductibles and amounts borne by the partnership.

He also requested that each expense be matched to the relevant event and claimed source of entitlement, with examination of coverage, exclusions, caps and reasonableness, distinguishing the general partner's defence, officers' defence, the partnership's own expenses and proceedings initiated by the general partner. The committee was asked to examine approvals and personal interests, invite the Supervisor and internal auditor to the discussion, and obtain independent legal examination if required.

18 October 2026

Updated Supervisor's position statement ahead of the 28 October 2026 unitholders' meeting

On 18 October 2026, the Supervisor delivered an updated position statement ahead of the meeting of unitholders of Sure-Tech Investments - Limited Partnership scheduled for 28 October 2026. The statement addresses the nine agenda items and their implications, in the Supervisor's view, for the limited partner's and unitholders' rights and the independence of supervision.

The subjects include investment authority and follow-on investments; carried interest and the allotment of units to the general partner; the Supervisor's remuneration and proposed grant; the chair of the meeting; proposals to reduce remuneration and discontinue funding for litigation; the resolutions of the 28 July 2026 meeting and amendments to the trust agreement; and the proposal to make amendments to that agreement subject to the general partner's consent.

The complete original Hebrew document is available below. It sets out the Supervisor's position, describes opposing positions, and distinguishes allegations in pending disputes from judicial decisions already issued.