France frees Russian billionaire

Mr Prokhorov was being held with some other businessmen

French authorities have freed one of Russia's richest men, Mikhail Prokhorov, after questioning him over a suspected prostitution ring.

Mr Prokhorov, who co-owns metals giant Norilsk Nickel, was among 26 people arrested in the Alpine ski resort of Courchevel on Tuesday, officials said.

He has been designated a material witness in the case - which does not exclude charges in the future.

Several young women arrested at the same time have also been released.

Mr Prokohorov is understood to have denied the allegations against him.

A spokesman for Mr Prokhorov's company has said that if he is in any way implicated it can only be a misunderstanding.

Mr Prokhorov, 41, is ranked 89th on Forbes magazine's 2006 list of the world's richest people. His fortune is estimated at $7.6bn (£4bn).

Norilsk Nickel is the world's biggest producer of nickel and palladium.

Courchevel is currently hosting many wealthy Russians celebrating the traditional Orthodox New Year.