Salis Trustee Seeks to Increase Lawsuit Against Guy Shnitzer to NIS 488 Million

Efi Sandrov, the trustee managing the collapsed independent pension fund company Salis, has filed a request to increase the lawsuit against Guy Shnitzer from NIS 320 million to NIS 488 million, marking a 52.5% rise. The request was submitted to the district court yesterday, expanding the original claim filed in December 2024. Alongside the increased amount, Sandrov seeks to add ten new defendants, including Yaniv Hadad, Elit Motola, Shnir David, and Elad Turgeman.

Shnitzer owns Carmel Argaman Investments, which raised $100 million from Salis members for investment funds incorporated abroad. The original lawsuit alleges that $25 million of this sum disappeared. It also claims Shnitzer repeatedly changed his statements and denied raising the $100 million. In total, 42 parties are sued, including seven foreign funds established by Shnitzer that received members’ money.

According to the trustee, Shnitzer and most defendants solicited pension savers to transfer their funds from regular pension and education funds to personal management funds at Salis, and from there to foreign funds controlled by Shnitzer. Sandrov claims Shnitzer operated a system to identify savers needing loans and approached them, with other agents acting similarly.

Sandrov also requests the court to prohibit the foreign funds from demanding repayment of loans given to the members. The trustee is reportedly in advanced negotiations with a Georgian company and David Harari to recover members’ funds for the managed pension fund.