(Israel Hayom/Exclusive to JNS.org) The Holocaust Restitution Company of Israel announced plans to allocate 243 million shekels ($63.1 million) to help Holocaust survivors. The funds became available following the sale of Bank Leumi shares worth 232 million shekels ($60.2 million).
The plan, announced Tuesday, will allow the Restitution Company to pay 6,750 shekels ($1,750) for every Holocaust survivor, beginning this month.
According to the Restitution Company, the shares sold were part of a legal settlement reached with the Jewish Colonial Trust (JCT), Bank Leumi’s parent company. The sale of the stocks yielded 278 million shekels ($72.1 million), and the remainder of the proceeds will also be diverted into the survivors' fund.
In 2015, the stocks were valued at 148 million shekels ($38.4 million), but as part of the legal stalemate, they nearly doubled in value and afforded survivors twice the amount in restitution, which would not have been possible had the Restitution Company not taken legal steps to release the funds held by JCT, the company said.
The Restitution Company sued JCT to release the funds, and agreed as part of the settlement to receive millions of Bank Leumi shares as well as a cash payment from JCT.