Gaydamak freezes Jewish Agency gift

Associates of billionaire claim agency broke deal by cutting activities in FSU.

By HAVIV RETTIG GUR
April 17, 2007 08:59
1 minute read.
jpost services and tools

jp.services2. (photo credit: )

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

Associates of billionaire Arkadi Gaydamak announced this week he would freeze a $50 million donation he promised to the Jewish Agency last year. A total of $10m. of the promised gift has already been transferred. The money in question was intended for Jewish Zionist education in the former Soviet Union and to support youth at risk in Israel. Instead, say sources close to Gaydamak, the Agency scaled down its activities in the FSU. The donation freeze comes due to his perception that "the Agency broke the [donation] agreement." Furthermore, the sources accuse the Agency of failing to provide adequate records of where the initial $10m. went, claiming it was not used for the purposes listed in the written agreement signed in January 2006. The sources also allege that the Jewish Agency agreed the money would be handled jointly, "but it wasn't." "These accusations are simply untrue and I can show this to anyone who desires," replied Jewish Agency spokesman Yarden Vatikai. "Every record, every agreement, every article and what every penny was spent on can be shown." "Gaydamak is really not our only donor," he said, noting that the Agency works with "thousands of others, federations, the UJC, Keren Hayesod, and more. We follow the money pedantically, with a sophisticated system of expense reporting, and it's all on record." Vatikai maintained that "the Jewish Agency is abiding by every article of the agreement - including establishing a fund, placing Gaydamak at its head, reporting procedures, and such - and we are sure Gaydamak will abide by them, too. We have also said that if there's anything to talk about, we're happy to talk."

Related Content

Joan Rivers
August 28, 2014
Joan Rivers rushed to hospital following throat surgery

By JPOST.COM STAFF