Jewish organisation investigated by Charity Commission over 'financial concerns' – The Jewish Chronicle

Mathilde Frot
August 11, 2021 17:19
M B Foundation reportedly failed to submit documentation in relation to four loans totalling over £1.7 million

A Jewish charity is being investigated by the Charity Commission over “serious financial and governance concerns.”
The regulator said Wednesday it had launched a statutory inquiry into the M B Foundation. 
The grantmaking charity carried out transactions with firms and individuals directly linked to its own trustees or their family members, it said. 
It also failed to submit formal documentation in relation to four loans totalling over £1.7 million issued to a connected firm, the regulator said. 
One of the focuses will be on the two trustees, Rabbi Mordechai Bamberger and his brother Solomon, and their handling of potential conflicts of interest and whether they fulfilled their duties under charity law. 
The probe will also look into whether there has been any unauthorised or indirect private benefit or any financial loss incurred due to mismanagement or misconduct.

But the Commission stressed "the opening of an inquiry is not a finding of wrongdoing."
The M B Foundation, also known as the Mossad Horav Aryeh Halevy, operates in Bury and Israel.
Its last financial statement for the year ending in March 2020 says it paid out more than £830,000 in grants to support community projects, schools and yeshivot in a bid to advance Jewish education and faith and for poverty relief in the community.
The M B Foundation was approached for comment.
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