Slice's Appointed Administrator Seeks to Increase Lawsuit Against Shanzer to 488 Million Shekels

Effi Sandrov, the appointed administrator of the collapsed independent provident fund company Slice, is seeking to increase the lawsuit against Eshkol Guy Shanzer from 320 million shekels to 488 million shekels. The request was filed yesterday with the District Court and represents a 52.5% increase compared to the original lawsuit filed in December 2024.

At the same time, Sandrov is requesting to add ten new defendants to the lawsuit, including Yaniv Hadad, Alit Motola, Shanir David, and Elad Turgeman. Shanzer is the owner of Carmel Argaman Investments, which raised 100 million dollars from Slice members for investment funds incorporated abroad. According to the original lawsuit, 25 million dollars of this amount has disappeared.

The initial filing further alleged that Shanzer repeatedly changed his versions of events and even claimed that he had not raised the 100 million dollars. In total, 42 parties are being sued, including seven foreign funds established by Shanzer to which the members' assets were transferred.

It is alleged that Shanzer and most of the other defendants induced members to transfer their pension funds to Slice. According to the special administrator, Shanzer managed a mechanism to locate savers in need of loans:

«Shanzer managed a mechanism to locate savers who needed a loan, approached them, and other agents acted in a similar manner. They induced the savers to transfer their money from regular provident funds and advanced study funds to personal management funds at Slice, and from there to the foreign funds under Shanzer's control.»

Sandrov is also asking the court to prohibit the foreign funds from demanding the repayment of loans received by the members. The lawsuit further notes that the appointed administrator is conducting advanced negotiations with a Georgian company and with David Harari for the return of members' funds to the managed fund.