Cineworld brothers in blockbuster pay deals
THE two brothers at the helm of the embattled Cineworld chain have received nearly £26 million in pay over the last eight years – almost the same as the firm’s current value.
Mooky and Israel Greidinger have each been paid massive sums since joining Cineworld’s board in 2014. The company is now facing the threat of bankruptcy.
The cinema giant shelled out £1.4 million to chief executive Mooky in 2021, which included a bonus of £646,000. Israel, who is deputy CEO, received £1.2million for the same period.
The huge packages were paid out despite the company posting a pre-tax loss of roughly £600million in 2021. The brothers guided Cineworld to the brink of insolvency after the firm entered the Covid-19 pandemic with huge debts and was then forced to shut its cinema complexes for months at a time.
Its debt pile totals more than £4billion and, in addition, the company has racked up an £800million legal bill due to its high-profile court defeat after abandoning a planned takeover of the Canadian group Cineplex.
The risk of a collapse of Cineworld has led to critics pointing the finger at the bloated pay packets received by the brothers – particularly as creditors face substantial losses in any restructuring process.
Argonaut Capital Partners’ Barry Norris, who holds a short position in Cineworld, told The Mail on Sunday that the brothers have been able to get away with paying themselves vast amounts despite the ‘company losing billions and getting