Slice Affair: Police Investigation Stalled, Thousands of Savers Await Funds They Transferred

The Slice affair: police investigation stalled, thousands of savers await funds they transferred. Three years after the scandal was exposed, in which about 7,500 savers lost nearly NIS 1 billion, the criminal investigation has not progressed and complaints have been closed. A judge ruled that enforcement is insufficient. A settlement plan was approved to distribute NIS 170 million, but most victims have no timeline.

The Slice affair, exposed in 2023, is one of the most severe financial scandals in Israel, in which about 7,500 savers lost approximately NIS 1 billion. As part of the affair, provident funds under personal management were moved from Slice to foreign funds defined as prohibited for investment. Three years after the scandal was exposed, the police investigation by Lahav 433 has not progressed, and saver complaints have been closed. Tel Aviv District Court Judge Sigal Yaakobi noted last month that the affair is not receiving adequate attention from law enforcement authorities and ordered the matter to be transferred to the State Attorney and the Attorney General. The authorized manager, CPA Efi Sandrov, filed civil lawsuits and a precedent-setting request to compel Slice's controlling shareholder, Shimon Goldberg, to transfer NIS 71 million. Recently, the judge approved a settlement plan paving the way for the distribution of NIS 170 million collected so far. One saver over age 80 received back about NIS 400,000, but for most victims there is no timeline for fund distribution. Of the NIS 1.06 billion transferred to Slice, NIS 845 million went abroad, and for NIS 350 million there is no information on their whereabouts.