Israel's Supreme Court Orders Fund to Deposit, Not Return, 11 Million Shekels
Translated & summarized from TheMarker by baba
Israel's Supreme Court has ordered pension fund GlobalNet Gemel to deposit 11 million shekels into court instead of returning it to 44 savers. The ruling comes after the Israel Securities Authority had previously mandated the return of funds linked to the "Slice" affair. The company had appealed the authority's decision, leading to the Supreme Court's interim order.
The story in 5 lines · by baba
- GlobalNet Gemel must deposit 11 million shekels into court, pending a Supreme Court decision.
- The funds are to be returned to 44 savers involved in the "Slice" affair.
- The Israel Securities Authority had previously ordered the fund to return the money.
- A district court rejected an initial appeal against the authority's order.
- The Supreme Court's decision partially accepts the company's request.
Israel's Supreme Court has ruled that GlobalNet Gemel, a pension fund, must deposit 11 million shekels into the court's coffers rather than return the funds to 44 savers. This decision partially accepts the company's request, pending a final ruling.
Earlier this year, the Israel Securities Authority had determined that GlobalNet Gemel should return the money, which was transferred to a fund linked to the "Slice" affair. After a district court rejected an appeal against this decision, the company escalated the matter to the Supreme Court.
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