Ofer’s empire, whose interests extended from shipping to banking and real estate, netted him and his family an estimated net worth of $10.3 billion. In recent years he passed on the reigns of the company to his sons, Eyal and Idan, and turned his focus to his passions: philanthropy and art, according to an official bio, which states that his charitable gifts to hospitals and other facilities have exceeded $100 million.

On May 24 the US state department identified the Ofer Brothers Group among seven companies that allegedly violated the Iran Sanctions Act. According to the official statement, the group had a role in “a September 2010 transaction that provided a tanker valued at $8.65 million to the Islamic Republic of Iran Shipping Lines (IRISL), an entity that has been designated by the United States, and the European Union for its role in supporting Iran’s proliferation activities.”

Although the controversy ignited surprise and outrage in Israel, according to the Jerusalem Post Prime Minister Binyamin Netanyahu issued a statement saying that “Ofer was a true Zionist” in everything that he did, and “never forgot his responsibility to others.”

Originally from Galatz, Romania, Ofer’s family emigrated to Haifa in Palestine in 1924, when he was two years old.In the 1930′s his father started a shipping supply business at the port of Haifa. Sammy Ofer began his career with ship agency “Dizengoff” in Haifa.

He joined his father’s business after serving for the British Navy during World War II but left during Israel’s War of Independence to join Israel’s newly formed navy. He rejoined the family business after the war and acquired his first ship in the 1950s. Soon after, he and his brother founded the Ofer Brothers Group.

While Yuli remained in Israel and managed the group’s Israeli-based shipping and real-estate business, Sammy moved his family to Europe and expanded his shipping empire from Europe and Asia. In the late 1970s he moved to Monaco as the group continued to grow and diversify.