Lev Leviev, like Sheldon Adelson, is one of the world’s wealthiest and most prominent Jewish right-wing donors. Both of their financial empires are teetering on the edge. Adelson’s was saved last month in the nick of time by a $2-billion infusion from outside backers along with a total of $1-billion from the gambling mogul himself which staved off bankruptcy. There is no question though that his right wing largess will suffer. UPI is already reporting that Freedom’s Watch is closing by year’s end. Birthright will drastically reduce the number of free Israel trips it provides to Jewish young people.
Leviev’s beneficiaries are already hurting. He is the single largest donor in the world to Lubavitch ($75-million per year over the past few years according to the following article) and to the Russian Jewish community. They’re already expecting chilly winds to blow this winter:
Cash Crisis Rocks Chabad
The world’s biggest Jewish outreach group faces a cash crisis fuelled by fears that its biggest donor, billionaire diamond mogul Lev Leviev, may slash funding due to his own financial difficulties.
…Sources within the movement say many of the emissaries in charge of running Jewish religious activities around the globe have been told that their funding will be stopped.
…In the Former Soviet Union, where Chabad dominates communal services for most of the estimated 1.5 million Jews, senior educational leaders have confirmed that many schools founded and supported by Mr Leviev’s Or Avner network have had their funding stopped or limited over the past few weeks.
The Jewish Chronicle article notes the financial distress that Leviev and his empire faces:
The share value of his main holding company, Africa Israel, this year dropped by 86 per cent on the Tel Aviv stock exchange and almost all its shares are now collateral to the Israeli banks, to which it owns over £2 billion.
…The Israeli business media has estimated that his worth has slumped by at least 60 per cent in recent months and he has been trying to sell off major parts of his empire.
My informant on all things Leviev tells me that the diamond mogul has NOT been attempting to sell off his settlement projects in places like Matityahu East, Tsufim and Maaleh Adumim. Instead, he has been trying to sell off his malls within Israel proper. Given Leviev’s ideological/theological predilections I imagine the settlements would be the last to go.
That’s unfortunate for those of us who were hoping that the financial crisis would have a silver lining in terms of dampening right wing support for various odious militant projects like settlements, Bibi’s campaign (Adelson’s pet project), the Shalem Center, Freedom’s Watch, etc.
Bloom also reminds me that Leviev’s diamond mines are his cash cows and they won’t be hurt by the downturn. Diamonds, like gold, seem to always be in style and desirable properties. When he starts selling his interest in his mines then you’ll know he’s really on the edge. And then we can really start celebrating.
I don’t think this will affect Chabad houses worldwide so much, as they are funded locally. Chabad emissaries don’t receive central funding for their activities. See here – http://www.chabadlive.com/templates/articlecco_cdo/aid/260929/jewish/Chabad-FAQs.htm. This issue has also been written about in a book called The Rebbe’s Army.
@Alex Stein:
It has a huge impact in the former Soviet Union where Leviev DOES directly fund individual projects and the central Jewish communal entity.
Believe me, they wouldn’t be in such a panic if the withdrawal of Leviev’s funding wasn’t a big deal to them. $75 million yearly is a hefty hunk of change even for a big group like Chabad.
As I said, Richard, it will affect the central organisation and its various projects greatly. Chabad Houses, however, should be less affected, as they are funded locally.
@Alex Stein: Ah, I see what you meant. I didn’t read yr last comment carefully enough.
B”H
Chabad’s money comes from G-d who has many messengers
(harbeh shluchim le’mokom) Rabbi Leviev ( ( http://www.thelevievfoundation.com )is one of them but there are many others.
As money doesn’t simply disappear the money lost by Lev Leviev was surely gained by some other worthy Yid and he will also donate some of it to Chabad untill Lev regains his fortune G-d willing soon.
Who is David Bloom? An Israeli?
@Richard
“David Bloom, my informant on all things Leviev,”
-I think this statement basically says everything. In Hebrew we say “malshanim”-Jews who inform in other Jews to non-Jews.
“And then we can really start celebrating.”
-This seems a fitting final sentence to what appears to me as a very hateful article. First of all, celebrating over the financial losses if another Jews seems vile to me. I wouldn’t wish that on anyone, especially other Jews. Is that “fixing the world?” I know people who would have been lost to the Jewish world if they hadn’t been a part of birthright. It seems like you despise all things that are fundamentally Jewish-Judaism and any kind of Jewish nationalism. Sad.
@NILI: What, are you nuts? Leviev’s financial woes are public knowledge in Israel & around the world. If David Bloom or I report this fact we’re “informing” on a fellow Jew? Get a life.
Hateful? Yes, I hate paying his workers $2 a day for some of the hardest work imaginable in diamond mines in Angola (which Leviev does). BTW, that’s less than the international poverty wage. And I hate security forces which kill & rape those who stand in his way (again Leviev does that too). And I hate stealing land from Palestinian farmers (again Leviev). BTW, Jeremiah and Isaiah hated Jewish iniquity too. Were they vile?
I don’t despise Judaism, but I despise extremist Jewish nationalism.
@Justin White: You are one sad puppy Justin. In the comment threads here you assume the real name of a friend, Barnaby Yeh (or ‘Devil’s Advocate’ or ‘Red-Hand’ other fake handles) and write comments in his name.
Two MAJOR violations of comment rules there, Justin. So you’re banned. And since I’ve also banned you as Justin White, as soon as I discover any new fake IDs you use you’ll be banned under those as well.
I’m kinda mixed about this. On the one hand, funds towards building right-wing settlements that disrupt the peace process can be nothing but a bad thing. On the other, shlichus/outreach in far off lands (espec. historically Jewishly-deprived lands such as the former USSR) can only be a good thing, and if Lubavitch loses funds for one, it would surely hurt the other.
Someone else has to step up to the outreach plate. Preferably a less parochial “our way is the only way” sect that isn’t tainted by ultra-messianism.
“Barnaby”: Instead of being out front with your opinions as yourself, you had to cower behind my own name. Do you have a reason for doing this? Oh wait – we’ll never know because you’ve been BANNINATED. Door, @ss, and way out, and all that.
NILI: I like Torah uMitzvot. I hate turning Eretz Yisrael into avoda zara. I like Kiddush H’, I hate Hillul H’. Do I “despise” anything “fundamentally Jewish”?
Also, I fail to see the motive behind sockpuppeting my name. He and I are worlds apart in terms of ideology.
@Richard
“Jeremiah and Isaiah hated Jewish iniquity too. Were they vile?”
Jeremiah and Isaiah were both persecuted by Jews who didn’t follow the Torah! They weren’t vile-the iniquitous Jews who went after them were! BTW-The biggest sin the Jews committed int he Torah was not conquering the Land Of Israel.
@B.BarNavi
“I hate turning Eretz Yisrael into avoda zara.”
If Jews outside of Israel intermarry with non-Jews and become part of other religions, why do they accuse Jews in Israel of idolatry for living in their ancient homeland?
Ever put on a pair of kosher tefillin lately? I doubt it very VERY much.