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Leumi may not need to repay holocaust money.

Global Banking News-18 November 2008-Leumi may not need to repay holocaust money(C)2008 ENPublishing -

Global Banking News - 18 November 2008(c)2005 - Electronic News Publishing -

An Israeli judge has opined that Bank Leumi (LUMI.TA) need not return money that it holds for people who died in the holocaust.

The judge opined that Bank Leumi is not legally obliged to hand over money it had held for people who died in the Holocaust. The bank's board asked the judge to examine its liability after state-owned Company for Locating and Retrieving Assets of Holocaust Victims asked Bank Leumi for money in 1,299 accounts belonging to holocaust victims. The cash comes to a total of USD65m plus interest.

The judge said that the committee had no binding authority and the bank had no legal obligation to pay the funds. Further the judge said, 'A Holocaust victim was not and could not be the owner of the retroactive revaluation increment. This addition did not exist during the victim's lifetime.'

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Publication:Global Banking News (GBN)
Date:Nov 18, 2008
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