According to the source, a group of businessmen met with Ministers of Justice Yariv Levin and Minister of Finance Bezalel Smotrich, who warned them of the problems that this regulation would bring.
The source explained that the discussion raged, which led to verbal confrontations.
In attendance were executives from key companies including Fox Group, Azrieli Group, Discount Bank, Electra Consumer Products, Zvika Schwimmer and Tnuva.
Some of the attendees attended a similar meeting last month with Economy Minister Nir Barkat.
A few days ago, a survey by Business Data Israel, a business information provider, revealed that 20 percent of companies are considering or have already done withdrawing their funds from the country for fear of the consequences of the regulations.
Specifically, at the end of January during a meeting with Prime Minister Benjamin Netanyahu, several businessmen warned him that this would happen.
Capital flight has already begun, Bank Hapoalim CEO Dov Kotler said at the time during the meeting, “It’s not a dramatic scale yet, but we’re concerned that this is the beginning of a trend.”
Ratings agency Moody’s warned last Wednesday that Israel faces long-term economic risks because of the reform, which would limit the Supreme Court’s ability to overrule laws by allowing parliament to re-enact regulations challenged by that body.
“If the proposed changes are fully implemented, it could materially weaken the power of the judiciary, and thus be bad for credit,” Moody’s said. Several economists last week criticized the executive’s proposal, pointing out that its negative effects will materialize more forcefully and more quickly than expected.
In a new open letter, following the one published at the end of January, experts claim that damages from the bill are still piling up.
They stressed that even if markets stabilize in the short term, there will be dire consequences in the long term for the country’s economic growth and the quality of life of citizens.
More than 300 experts, including January’s Nobel laureate Eric Maskin, warned: “Judicial system reform threatens the Israeli economy and may cause a downgrade in Israel’s credit rating, drive investors away and cause a brain drain.”
In February, more than 50 leading economists from US universities, including 11 Nobel laureates, criticized the plan in another public letter.
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