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January 12, 2017 8:01 am

Israel Holocaust Restitution Fund to Allocate $63 Million to Survivors

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IDF soldiers, including former IDF Chief of the General Staff Lt. Gen. Benny Gantz (left), visit with a Holocaust survivor as part of the "Flower for a Survivor" project. Photo: IDF.

IDF soldiers, including former IDF Chief of the General Staff Lt. Gen. Benny Gantz (left), visit with a Holocaust survivor as part of the ‘Flower for a Survivor’ project. Photo: IDF.

JNS.org – The Holocaust Restitution Company of Israel announced Tuesday plans to allocate NIS 243 million, or $63.1 million, to aid individual survivors.

The organization, also known as Hashava, will pay NIS 6,750 ($1,750) to every Holocaust survivor in Israel, beginning this month.

According to the Restitution Company, the funds were acquired through the sale of its shares in Bank Leumi, worth NIS 232 million ($60.2 million), as part of a legal settlement with the bank’s parent company Jewish Colonial Trust.

In 2015, the stocks were valued at NIS 148 million ($38.4 million), but, over the course of a stalemate with JCT in which Hashava sued for the release of the funds, the shares doubled in value, allowing the Restitution Company to pass on a much larger stipend to survivors.

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