Sleis Manager Seeks to Uncover Funders of Anti-Campaign

The appointed manager of Sleis, a company at the center of a scandal involving the disappearance of approximately 890 million shekels from provident and pension funds, has filed a court request to identify those funding a public relations campaign against him and the Head of the Capital Markets Authority, Amit Gal. The manager, Efi Sandrov, alleges a coordinated effort by entities linked to the Finbert insurance agency, aimed at pressuring him to accept a settlement he claims would benefit Finbert's victims at the expense of other fund members. He also expressed concern that savers' funds are being used to finance this campaign.

Finbert agents raised hundreds of millions of shekels from savers for investment in foreign funds, after which their licenses were revoked by the Capital Markets Authority. Sandrov's request to the Tel Aviv District Court, filed with attorneys Barak Tal and the attorney, seeks to reveal the individuals behind the campaigns, their funding sources, and instructions given to those operating them. The request aims to investigate suspicions that the "struggle of fund members" narrative is being pushed by parties connected to the very funds where the money was invested, acting against the savers' interests.

Finbert is a key player in the Sleis affair, where 7,500 savers lost funds intended for personal provident accounts (IRA) that were transferred to foreign funds. Finbert acted as an insurance agency marketing these funds and was also part of a group managing alternative investment funds. According to the appointed manager, around 200 million shekels were transferred to Finbert's funds. In recent months, attorneys for the funds and some savers, represented by Eitan Erez and Mor Ben Shushan, attempted to reach a settlement with the appointed manager. Sandrov claims this negotiation was disingenuous, intended to stall for time and prevent a full factual inquiry while allowing further manipulation of saver funds.

Sandrov alleges that while negotiating a settlement, the funds engaged in actions that altered asset status and increased risk for savers. He claims that in February 2026, when Finbert and the funds realized Sandrov would not agree to their proposed settlement, Finbert allegedly launched an anonymous public influence campaign through proxies. This campaign, Sandrov contends, was designed to exert illegitimate pressure to force Sleis into a "surrender agreement" that would forfeit saver funds. The campaign included billboards in Tel Aviv and Ayalon Highway, buses, and media advertisements, some featuring Sandrov's image with slogans like "Efi Sandrov - A career not at our expense" and "Settlement now in the Sleis affair."

The billboards initially omitted the advertiser's identity, a violation of the law, which Sandrov described as intentional anonymity to hinder the identification of those responsible and their funding. Later, "Manufim Binyan Vehashkaot" (Cranes Construction and Investments) was identified as the advertiser. Advertisements on buses also showed Sandrov alongside the Head of the Capital Markets Authority with the message: "Time is up, you failed. Take responsibility - resign."

The central question, according to the request, is who is paying for these campaigns and whether savers are unknowingly funding activities against their own interests. The request names Manufim and Jack Lita as allegedly behind the advertising, along with Gabriel Kokashvili, former chairman of Finbert, Yoram Aris, and Shira Koren, manager of a WhatsApp group. The goal is to unveil the funding sources and prevent the use of saver funds for conflicting interests.

Attorneys for Gabriel Kokashvili, represented by Oded Saburai, stated that the request is an attempt to deflect criticism from the fund members and that Sandrov is obstructing a viable settlement proposed by Eitan Erez and Mor Ben Shushan, which would return most of the savers' money. They claim Sandrov is wasting saver funds on baseless requests and that his continued actions are costly. Eitan Erez and Mor Ben Shushan, representing some savers, called the request a "PR stunt" to protect Sandrov's image, questioning why saver funds haven't been returned after three years and why Sandrov allegedly waived the return of $27 million for Finbert savers. They criticized the allocation of resources to these struggles and defended their right to pursue settlements, particularly after successfully facilitating a solution in Batumi, Georgia, which they claim Sandrov did not bring to the table. They pointed out that Sandrov has spent approximately 60 million shekels on expenses without returning any funds, and recently secured an additional 13 million shekel loan for management costs, holding him responsible if the Batumi project yields less than $27 million.