ImageSat’s Eros A and B satellites sprang out of Israel’s Ofeq military program. Israel Aerospace Industries, architect of Ofeq, is the main stakeholder in ImageSat with a 37% holding (see graph below). But ImageSat also employs a lot of former Israeli intelligence officials. The company’s present commercial director, Rani Hellerman, is a former SIGINT and IMINT specialist in the Israeli armed forces. One of the founders of ImageSat, Haim Yifrah, was chief intelligence officer of the Israeli Defense Forces between 1995-99.
The close ties between ImageSat and Israel’s military-industrial complex can go some way towards explaining why certain of the group’s contracts, although never fully carried out, were paid in full by customers. Angola, which had ordered a land station from the group - it was never completed - probably paid off ImageSat, but in return for other, unspecified types of services supplied by Israel. And conversely, ImageSat has laid on some of its services free of charge. That was clearly in exchange for contracts with some of the group’s state-owned shareholders.
But the interests of the Israeli state-owned companies and ImageSat converged only up to a point. Last year, ImageSat’s management cited links between Venezuela and Iran as a reason for ImageSat to break off commercial talks with Hugo Chavez’s government which would have been worth a small fortune to ImageSat. Furious that business was being lost because of reasons of state, the small private shareholders in the group filed suit.