Termination of voyage (T.O.V) Refund Until the end of June

Israel Ports Development and Assets compnay: in order to pace up the payment for T.O.V, the “Israel Shipper’s Council” reinforced its team with more workers. Israel Ports Development and Assets directorate instructed to finish the examination process within 5 months, during which advances of 35% rate will be paid for the entitled ones
 
Israel Ports Development and Assets company annouced that in order to pace up the payment process for the T.O.V and “stay money” following the long strike on the marine ports during summer 2004, it was agreed with the “Shipper’s Council” to reinforce the team working on the task and send more workers to handle the load, which arrived there now days.
 
As we know, “Israel Shipper’s Council” coordinates the process of checking the 50,000 applications for reimbursements after the strike. Israel Ports Development and Assets company’s directorate instructed in it’s last meeting the process should be finished within five months, until June 2006.
 
As you can remember, the Israel Ports Development and Assets company board decided lately to approve T.O.V payment and “stay money” for  cargo owners due to the strike in the marineports during July-August 2004. the board’s commity even expanded the time period until October 10 2004 and approved a maximum budget in the total of 100 Million Shekel. The “Israel Shipper’s Council” coordinates the request’s process and transfers it to Israel Ports Development and Assets company for approval and payment.
 
Israel Ports Development and Assets company announced that in light of the hugh volume of requests, which regards about 190,000 containers and other cargo, which is a much higher volume than expected, an advance of 35% rate will be paid, differently than ususal (a 50% rate advance).
 
It needs to be said that Israel Ports Development and Assets company couldn’t have estimated the high volume of requests for T.O.V refund, or to assume wheather 100 Million shekels will be sufficient to cover all requests.
The only assesment they had was the budget the received (30 Million Shekels) and the number of application from the previous strike (5,700).
 
The Israel Ports Development and Assets company board have stated in the past that if the sum of requests will turn out to be over 100 Million Shekel, than this amount will be divided proportionaly among all beneficiaries, in relation to the sum amount they were approved.
 
Dov Marom, the CEO of “Israel Shipper’s Council”, confirmed the facts, and maintained that the union is incharge of the request’s process alone, and not incharge of payment itself.
 
Mr. Marom added that in order to complete the process efficiantly and quickly, the union added workers to the task team, which now adds up to 7 positions. All that, said Marom, in order to finish the job by June 30th 2006. For that purpose alone there was additional purchase of office and computer equipment.
 
Mr. Marom indicated that according to the union’s estimate, after 50% of the requests have been processed, it seems that the budget of 100 Million Shekel will not be sufficient inlight of the unprecedent volume of requests for reimbursement.
 
Soon there will be an additional petition from the “Israel Shipper’s Council”, the office of commerce and the industrials association to the Finance and Transport ministers, so that they can approve an additional budget in favor of the T.O.V refund.