- Edward Reichmann
Edward Reichmann ( _he. אדוארד רייכמן; 1925 - July, 2005) was the oldest of the five Reichmann brothers, famed for their global business empire.
Edward was born to
Samuel Reichmann a wealthyVienna merchant of Hungarian origin. The family was lucky to escape Austria before the Nazi invasion leaving the country on the morning ofAnschluss to tend to Edward's grandfather David who had suffered a stroke. From Hungary the family made its way toParis and then the neutral city ofTangier where Samuel established a successful business in currency trading.Edward was the first of the Reichmann's to emigrate to
Canada . He liked Canada, being attracted byMontreal 's large Jewish community and favourable economic prospects. In Montreal, he joined with his brother Louis to foundOlympia Floor and Tile , a company that imported tiles from overseas. The business was a success. When Edward's three younger brothers Paul, Albert, and Ralph moved to Canada, he convinced them to settle inToronto and open a branch of the tile company there.In Toronto, Edward's three brothers quickly moved into building and property development. Edward, seeing their success, also moved into this industry. Unlike his four other brothers, Edward was brash and outspoken and frequently courted the media. He also put much energy into building connections with the city's political elite, including becoming a close associate of mayor
Jean Drapeau .Despite a number of major projects, Edward Reichmann's construction ventures did not prosper. Nearing bankruptcy, the company only survived through a massive bailout by his Toronto based brothers. Edward felt embarrassed at having to be rescued by his younger brothers and left Canada for
Israel . There, he again turned to property development, rising to become Israel's fifteenth richest man. These ventures were largely unaffected by the collapse of his brothers'Olympia and York company.
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