by Walter Ruby – the Jewish Week
MOSCOW, Russia — The largest system of Jewish schools in the former Soviet Union appears to be in danger of collapse as its main benefactor, Israeli billionaire Lev Leviev, makes major cutbacks in funding to the Or Avner Foundation network. Leviev, who reportedly pumped some $20 million a year into the Or Avner system, is facing severe financial reverses to his international business empire due to the world economic crisis.
Well-placed sources in Israel told The Jewish Week Monday that Leviev’s funding has been “frozen” and that some Or Avner schools may have already closed. Or Avner officials deny this, saying only that Leviev has asked schools to cut their budgets.
Leviev, an Uzbekistan-born self-made magnate who made his fortune in diamonds and real estate, has seen the value of his Africa-Israel Group stock plummet 90 percent over the past 18 months on the Tel Aviv stock market.