The judicial red tape that prevented Holocaust survivors from receiving additional monetary compensation from the surplus held by Hashava—the Holocaust Restitution Company of Israel—has been removed.
The foot-dragging was due to Hashava's investment of the surplus into Bank Leumi stocks, held by the World Zionist Organization and the Jewish Colonial trust. The new agreement will now free up the assets held by the Jewish Colonial Trust and allow the company to divide the profits among its survivor beneficiaries.
The settlement was reached after Hashava sued the Jewish Colonial Trust and World Zionist Organization and the Court is due to validate it within the next few days.
According to Hashava, the settlement is “a huge victory for Holocaust survivors, which will provide them with NIS 90 million that would not have been received without the legal battle the company began in early 2015.”
Following the settlement, the Jewish Colonial Trust will pay Hashava NIS 230 million, instead of the NIS 140 million it originally wanted to pay, and an additional NIS 9 million will be paid by the World Zionist Organization.
As a “gesture of goodwill,” Hashava Chairperson Miocha Harish requested that the Jewish Colonial Trust and World Zionist Organization promptly transfer Hashava at least NIS 25 million, in order to facilitate the offering of extra support to 7,000 survivors in need before the holidays.
Hashava had recently requested financial support from the Treasury to provide survivors with their monthly assistance checks while the trial was ongoing—an initiative for which the Treasury sought and received approval from the Finance Committee. As such, Minister of Finance Moshe Kahlon (Kulanu) has ordered that 9,000 Holocaust survivors in need recieve NIS 2,750 before the holidays.
Hashava explained that it is currently in the process of dismantling the company, after it achieved its goal of locating the Holocaust survivors’ assets and returning them to the possession of their rightful heirs.