October 18, 1996


       The Independent Committee of Eminent Persons met for the second time today in Zurich, Switzerland, under the chairmanship of Mr. Paul A. Volcker, to continue work on the task assigned to the Committee under the May 1996 Memorandum of Understanding between the Swiss Bankers Association and the World Jewish Restitution Organization.   At its meeting today the Committee focused mainly on the mandate and instructions for the international audit firms the Committee will retain to carry out the investigative audit envisioned by the MOU.   It reviewed the work done by a Subcommittee that had met with audit firms on September 12-13, 1996, to receive their presentations.

       The Committee discussed the mandate and instructions to international audit firms for the first phase of the audit.   It will ask these firms to make formal proposals on how they would propose to implement the mandate and instructions.   Once the Committee has received the proposals of these firms, the firms will be selected and the audit work will promptly commence.

       The Committee will meet again at a date to be set in early November to continue the work of carrying out the Mandate established by the MOU.

       The Committee members and alternates are:

Paul A. Volcker



Mr. Reuben Beraja
Mr. Avraham Burg
Prof. Dr. Curt Gasteyger
Prof. Dr. Alain Hirsch
Prof. Dr. Klaus Jacobi
Mr. Ronald S. Lauder

Mr. Hans Baer
Mr. Zvi Barak
Dr. Peider Mengiardi
Mr. Israel Singer

The Independent Committee of Eminent Persons
20 rue de Candolle (3rd Floor), 1205 Geneva, Switzerland
email: info@icep-iaep.org    &    icep-iaep.org :web