Tiny fraction of Holocaust assets returned

The Restitution of Holocaust Victims Assets Company has returned to heirs just NIS 50 million of NIS 1.15 billion assets located.

The Company for Location and Restitution of Holocaust Victims Assets has returned to Holocaust survivors' heirs just NIS 50 million of the NIS 1.15 billion in assets located. The figures were mentioned during a Knesset Constitution, Law and Justice Committee meeting on the company's budget for 2013.

The company stated in its report that it has located NIS 1.65 billion in assets to date, and after restoring assets, helping Holocaust survivors, and financing, it holds NIS 1.09 billion in assets. It stated that, in 2012, it restored NIS 16.1 million in assets to 709 heirs. Altogether, it has released 3% of the assets transferred for management. It has also made provisional decisions to restore NIS 197 million in assets (12% of total assets under management), subject to the submission of wills.

The company distributed NIS 421 million to needy Holocaust survivors through the end of 2012. By law, the company's budget is 2% of its assets at the end of the previous year. Based on the board of director's report, which states that the company had NIS 1.09 billion in assets at the end of 2012, its budget request for 2013 is NIS 21.66 million.

The Constitution Committee members are divided over the distribution of NIS 200 monthly coupons redeemable at supermarket chains Shufersal Ltd. (TASE:SAE) and Alon Holdings Blue Square Israel's (NYSE: BSI; TASE: BSI) Mega.

Published by Globes [online], Israel business news - www.globes-online.com - on July 9, 2013

Copyright of Globes Publisher Itonut (1983) Ltd. 2013

 
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