Subscribe to Print Edition | Wed., January 09, 2008 Shvat 2, 5768 | | Israel Time: 02:22 (EST+7) web haaretz.com   Back to Homepage Rosner's Domain Diplomacy Defense Jewish World Opinion National Print Edition Advertising Books Arts & Leisure Business Real Estate Easy Start Travel Week's End Anglo File

Lev Leviev's second life By Michael Rochvarger Tags: Lev Leviev, U.K., real estate  Lev Leviev is moving his business and himself from Israel to England, for which the master of Africa Israel Investments evidently needs mobility. AFI Development, a member of the Africa Israel group that is listed for trade in London, has therefore bought a plane. This is no propeller-driven biplane; it is a Bombardier Global 5000, one of the biggest and most prestigious executive jets to be had. How much AFI paid is not known, but industry sources figure the plane is worth about $50 million. The only other Israeli businessman who has a Bombardier Global 5000 is Eitan Wertheimer, who sold 80% of Iscar to Warren Buffett for about $4 billion. Africa Israel did not release an announcement about the acquisition. A company spokesman said there was no need to do so: All it formally needed was approval from the general assembly of shareholders. Advertisement Ahead of his move to London, the self-made business magnate sold his previous executive jet to online gaming tycoon Noam Lanir for $15 million. On February 11, Africa Israel will be convening a special assembly of shareholders to approve an arrangement for use of the new jet between the subsidiary, AFI, and other Africa Israel group companies. AFI is responsible for handling Africa Israel's real estate business in Russia. The Bombardier will also be made available to Africa Israel Properties, Danya Cebus, Africa Israel Industries (the steelworks formerly known as Packer Plada) and Leviev's privately-owned companies. The Orthodox businessman himself and Africa Israel's acting CEO, Avinadav Grinshpon, may also use the plane personally, for which pleasure they will pay AFI the same rate as the Africa Israel group companies. Investors may wonder why Africa Israel actually needs the jet. The company explained that it and its subsidiaries have worldwide operations in residential real estate, yield-generating properties, hotels, construction, infrastructure and steelmaking. Africa Israel operates in the United States, Middle East, Russia, several other former Soviet states, eastern Asia and central America. In short, for its people to move about efficiently, they need robust private transportation. Moreover, Africa Israel pointed out, there are not always routine commercial flights to the destinations it needs. The Bombardier Global 5000 can seat 15 passengers, not including the crew, and boasts a range of 8,500 kilometers, rendering it capable of either trans-Atlantic flights or flights between Europe and the Far East, including India, where Africa Israel has been striking roots. Africa Israel took pains to stress that any company executive using the plane will pay the full rate of $5,000 an hour plus $2,000 for each day the plane spends in the destination country, along with the costs of accommodation for plane and crew. And if several executives from different Africa Israel group companies share the plane on a given trip, they will just have to come to an arrangement about the costs, Africa Israel shrugged. If they squabble, Leviev will decide himself and that will be that. Once a year, the Africa Israel audit team will have to update the prices paid by group companies for using the plane in accordance with market rates. The Africa Israel group companies have already budgeted for use of the plane in 2008. Africa Israel Investment itself has budgeted $4 million, Africa Israel Properties - $2 million, Danya Cebus - $700,000, Africa Israel Industries (Packer) - $300,000, and Leviev's private companies - a combined $400,000. However, approval by the general assembly of shareholders is still required for all this to come about. Bookmark to del.icio.us   Oh Hillary Clinton throws everything but the kitchen sink at New Hampshire. Jewel of the Crown Diamond billionaire Lev Leviev buys most expensive property ever sold in Britain.

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