A letter of clarification from the Kupat Ha’ir fund with regards to their investments in the “Megurit” fund, in which they explain that all the money of yesomim and almanos is not at risk.
With regard to recent accusations that “Kupat Hair” invests charity funds intended for the poor. We clarify the following, Kupat Hair funds are divided into two entities. Firstly, support for underprivileged and poor families. Secondly, special funds for widows and orphans.
The money donated to the Kupat Hair general fund is distributed immediately to the poor and needy, there is never a balance in the bank and no investments at all.
The special funds created for Yesomim and Almanos, must be invested in various conservative ways in order to preserve the value of the money. We consulted with professionals who examined the investment methods carefully and professionally, and in accordance with their recommendations, we invested the money of the funds in supervised conservative investments. Some of the money is earmarked for long-term investment, and accordingly, part of the investment was made by “Megurit”, which buys apartments to rent out.
Contrary to widespread reports, the company’s value since its inception grew by 15 percent, the company is well managed and the investment has maintained its value. The company’s share’s value fluctuates according to market conditions.
The money of orphans and widows is invested appropriately long-term, has kept its value and even grew.
All rumors of losses, are not true and come from unscrupulous people. The orphans’ money is not at all at risk.
The letter is signed by the rabbis of the fund, Rabbi Yehudah Silman and Rabbi Moshe Shaul Klein.