Holocaust restitution fund spends NIS 30m of survivors’ money on itself

By Tomer Zarchin

Tags: Holocaust victims

The Company for Location and Restitution of Holocaust Victims Assets has burned through an operating budget of NIS 30 million in less than two years, but it is refusing to say just how much it has managed to turn over to victims and their heirs.

The company was established by a law passed in December 2005, to locate and distribute assets in Israel belonging to Holocaust victims, survivors and their heirs. Some of the assets were to be distributed directly to needy survivors and survivor welfare organizations, on the assumption that only some of the owners and heirs would be found.

As of the end of June, the company had located about NIS 750 million in assets. Meanwhile, in under two years it managed to burn through more than NIS 30 million. Most of the budget came from assets the company held in trust for their owners, with the treasury contributing a small amount.

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