Greater than two years after the Slice affair exploded, wherein roughly NIS 850 million in savers’ budget disappeared, additional development is rising on tips on how to returning the cash. After a agreement settlement was once signed in Might between Slice and Harel, any other settlement of ideas has now been signed, this time with the budget advertised throughout the Finbert insurance coverage company, probably the most entities concerned within the case. If licensed via the courtroom and the meeting of individuals, traders will probably be ready to make a choice from two other tracks to obtain a part of their cash.
The settlement was once signed after extended negotiations between the individuals’ representatives, legal professionals Eitan Erez and Mor Ben-Shoshan, and the budget represented via Adv. Alon Ron, with the help of legal professionals Orel Hasson, Oded Savoray, and Roy Saluki. That is the primary association with probably the most budget concerned within the affair, and it’s meant to permit, for the primary time, a realistic begin to returning budget to individuals who invested via Finbert.
As a part of the association, two choices have been formulated, and the individuals will make a choice from them if the settlement is licensed. The primary selection is a fast-realization observe, beneath which $27 million will probably be made to be had for the good thing about the individuals, with the purpose of letting them obtain a vital a part of their cash inside of a little while. The second one selection is in line with the final touch of the tasks wherein the budget have been invested, within the hope that on this approach the next go back will also be completed, however over an extended time period.
The selection between the 2 choices will probably be made inside the framework of a individuals’ assembly that will probably be convened topic to courtroom approval. Most effective after the approval of the courtroom and the individuals can the implementation of the association start.
To know the importance of the brand new settlement, one should return to the start of the affair. The Slice affair is regarded as the biggest monetary fraud ever exposed in a supervised Israeli monetary establishment. In step with estimates, about NIS 850 million of savers’ budget disappeared, an quantity 4 occasions greater than the embezzlement at Industry Financial institution.
The Slice funding space was once held via two households, Goldberg and Tocatly, and controlled about NIS 4.2 billion. Out of this quantity, about NIS 1.2 billion was once controlled in common provident budget, which have been later received via Harel, and due to this fact it’s estimated that those budget will achieve the individuals. The principle a part of the affair considerations about NIS 3 billion controlled in provident budget beneath non-public control (IRA), and invested in more than a few budget in another country. A lot of them have been “red funds,” those who on reflection became out to not meet the criteria of the Capital Marketplace Authority, and a good portion of the budget funneled to them has no longer but been situated.
A couple of months after the affair exploded, the Commissioner of the Capital Marketplace, Insurance coverage and Financial savings Authority, Amit Gal, appointed CPA Effie Sanderov because the approved supervisor of Slice. His process was once to find the property and go back the cash to the individuals. To this point, data has been situated referring to simplest about NIS 380 million out of about NIS 850 million that disappeared.
As a part of the examinations, it became out that Slice didn’t set up an orderly machine for attributing property to individuals. One of the most data was once controlled via Excel recordsdata, for one of the vital individuals no devoted custodian accounts have been opened in any respect, and the budget remained concentrated in transition accounts. As well as, it became out that budget of sure individuals have been used for bills to different individuals, and in one of the vital investments no valuations or references have been discovered. There was once additionally a priority that individuals’ budget have been invested in funding tools that weren’t approved via regulation.
Parallel to the paintings of the approved supervisor, a prison dispute additionally evolved. Adv. Eitan Erez, who represents a gaggle of individuals, sought to advertise preparations immediately with one of the vital events concerned within the case, and gained courtroom acclaim for this. The approved supervisor antagonistic the transfer and claimed that it was once a bypass of the process he’s managing, whilst Erez believed that direct preparations may go back the individuals’ cash sooner.
Most effective lately was once it published that the behavior of the Capital Marketplace Authority within the Slice affair could also be beneath complaint. In step with the state’s reaction to the Top Courtroom of Justice, the interior auditor of the Ministry of Finance already started in June 2025 to inspect the supervision and regulate movements taken via the Authority within the case. The audit continues to be ongoing, and a draft of findings is predicted to be delivered later to the audited entities. The state famous that because of the complexity of the problem, there’s nonetheless no timetable for the final touch of the audit. The issues have been published as a part of the state’s reaction to a petition filed via the “Economic Unit” affiliation, challenging the established order of a central authority inquiry committee into the case. The state answered that lessons-learned procedures are already happening within the Capital Marketplace Authority, along the audit of the interior auditor of the Ministry of Finance, and due to this fact there’s no position to reserve the established order of an extra inquiry committee.
The primary building on tips on how to returning the cash was once recorded on Might 25, 2026, when a request was once submitted to the Tel Aviv District Courtroom to approve a agreement settlement between Slice, throughout the approved supervisor, and Harel. In step with the settlement, Harel undertook to pay roughly NIS 33.2 million, which constitutes about 90% of the insurance coverage quantity within the skilled legal responsibility bankruptcy of the coverage, internet of a self-deductible of NIS 95,000.
If the settlement is licensed, the cash will probably be deposited in a devoted account for the good thing about Slice individuals simplest, in keeping with the directions of the courtroom and the Commissioner of the Capital Marketplace. The settlement refers simplest to skilled legal responsibility insurance coverage and does no longer save you additional complaints towards different events within the affair, together with former administrators and officials. The approved supervisor additionally clarified that the complaints he filed in contemporary months will proceed to be performed.
The brand new settlement with the budget advertised via Finbert does no longer finish the Slice affair, nevertheless it marks additional development within the try to go back to the individuals a minimum of a part of the budget that have been misplaced. If licensed, it is going to be the primary time that one of the vital traders will probably be ready to make a choice from two agreed-upon go back tracks, as a substitute of continuous to attend just for rulings within the prison lawsuits.
The approved supervisor’s reaction
In step with the reaction of the approved supervisor: “The arrangement submitted this morning to the court regarding the Finbert cluster (a cluster of red funds in Slice) – was not formulated with the knowledge of the authorized manager, is unacceptable to him, and his full position will be brought before the court in an orderly framework (the arrangement was submitted by private lawyers about whom there is no information regarding the quantity of members represented by them and the manner of their engagement with those members).”
“Already at this stage it can be said that this is an outline that raises fundamental difficulties, both on its merits and in its structure:A. The arrangement is based on the face of things already at the first stage on a waiver by the members of about 49% of the savings they accumulated throughout their entire lives (while the balance of the funds will remain in the hands of unknown entities).B. The second stage places the members before two alternatives: One, receiving a return (uncertain) of the remaining 51% of the funds, while waiving a material part of the rights as stated; and the second, leaving those 51% of the funds in the hands of the fund entrepreneurs and the right holders associated with them for additional years, for a period estimated at five to six years at least, while exposing them to material risks and significant uncertainty which could also lead to even greater value destruction of public savings.
In addition, the arrangement that was submitted while blatantly hiding its appendices from the eyes of the public raises weighty questions regarding the identity of the parties to it and those standing behind the foreign funds, the scope of the obligations they actually took upon themselves, and the nature of the collateral offered within its framework. This refers, among other things, to collateral in relation to assets and rights located outside of Israel, through complex corporate structures and subject to foreign laws, when at this stage it has not been sufficiently clarified what the actual nature of that collateral is, what the possibility of its actual realization is, what its status is in relation to the rights of third parties, and what the degree of its effectiveness is in the event of a failure in the execution of the arrangement.
In this state of affairs, there is currently no sufficient certainty according to the arrangement regarding the value of the assets, the ability to realize them under the conditions presented, the claimed schedules, the scope of the actual return, or the ability to guarantee the members’ rights fully and effectively.
Needless to say, on a significant asset mentioned in the agreement whose realization is supposed to be used for the purpose of the arrangement – the penthouse apartment in Netanya – a foreclosure order on the cautionary note in favor of Slice under authorized management was registered on September 23, 2024, in the Land Registry by decision of the Tel Aviv District Court. As of today, confidential proceedings regarding the apartment are being conducted in the Tel Aviv District Court.
In addition, the authorized manager already holds additional sums of money intended for distribution to Finbert members.The authorized manager has so far submitted for court approval arrangements with the entrepreneurs of the red funds, in all of which a higher return rate was set for the members, and some of them have already been approved.
The authorized manager will continue to act to sue all parties involved in the affair and to sign proper and the best possible arrangements only for the benefit of the members.”
