Finance Committee Chair Blocks 13 Million Shekel Loan to Special Manager of Salyes

The chairman of the Knesset Finance Committee, Hanoch Milvitsky, has once again refused to approve a 13 million shekel loan requested by the special manager of Salyes, appointed by the Capital Market Authority, to continue operating the company. The refusal came during a committee session held on Wednesday, where Milvitsky demanded additional data and reports on Salyes' management under Effi Sandrov before approving the loan. This marks the second time Milvitsky has denied the loan, following a similar rejection about two weeks ago due to insufficient information.

Salyes has been under special management since early 2024, with Effi Sandrov overseeing operations. The company is currently facing a deficit, and its former controlling shareholder, Shimon Goldberg, has been ordered by the Capital Market Authority to inject 70 million shekels into the company. Goldberg has refused, citing that the company was confiscated from him. Earlier, in May 2025, the state provided a 20 million shekel loan to keep the pension fund company operational.

The Salyes scandal came to light at the end of 2023 after serious financial mismanagement was uncovered. Approximately 900 million shekels of clients' funds were illegally diverted to private offshore funds known as the "red funds," in violation of the law and without clear means to recover the money. Some of these funds were managed by Finbert. So far, about 500 million shekels have been located. Two entrepreneurs involved in raising money through these red funds have signed agreements to return the funds: Liyam Israeli committed to returning 34 million dollars, and Amnon Yaakobi agreed to repay 8 million shekels. However, funds raised by agent Guy Shnitzer and Finbert, totaling 100 million and 67 million dollars respectively, remain under legal dispute.