Efi Sandrovthe authorized manager of Camel slicecontacted a number of insurance agencies and investment funds through which savers’ funds were invested, Slice colleagues, demanding the return of the funds to the managing company under licensed management.
It is about 800 million shekels in total of colleagues’ funds that were transferred to dozens of non-marketable American funds, which were referred to by Sandrov in court as “red funds”. Among others, the names of the funds SKY, VISION, STAR, GLI Liag were mentioned.
The Israeli entrepreneurs are required to take care of the transfer of all assets from the funds as they are, and not to carry out any sales operation prior to the transfer. The funds will be transferred to trust accounts that will be managed by the authorized manager for the benefit of the members.
These are entrepreneurs who, according to Slice management’s best understanding, are involved in the management of these foreign funds on various legal platforms – as fund managers, as managers of the fund’s management company, or as shareholders in the fund’s management company. It became known that among the bodies that Sandrov contacted: Finbart Agency, Guy Schantzer, Liam Israel and Amnon Yacovi.
Slices Gemel stated that this demand for the return of the funds was made with the approval of the Commissioner for the Capital Market, Insurance and Savings, and after attempts to obtain detailed and verified information from the fund operators came to naught, including through court orders. “The purpose of the requirement is to concentrate the members’ assets in these funds in the hands of the authorized manager in order to protect them, and this is for the benefit of the members who own the assets,” it was stated.
In the appeal to the agencies and funds, it was claimed, among other things, that the operators of the funds in which members’ money was invested, were found not to comply with the provisions of the law regarding “foreign funds” (the so-called “red funds”), and they were required to hand over to the managing company all the assets of the members of the company in their possession – Both cash and deposits and other assets – marketable and non-marketable.
The management (licensed management) of Slice believe that it will be possible to locate funds and return them for the benefit of the members.
It should be noted that a decision from two weeks ago by the Economic Department of the District Court in Tel Aviv imposes a fine of 50 thousand shekels to be transferred to the benefit of the state, six American investment funds that received part of the funds of Slice Gamel savers. The court will impose an additional fine of NIS 1,000 on the foundations for each day that the requested information is not provided by them.
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