Israeli tycoon charged with fraud

Arcadi Gaydamak ran unsuccessfully for mayor of Jerusalem

Russian-Israeli billionaire Arcadi Gaydamak has been indicted on charges of fraud and money laundering.

He is accused of seeking to buy a Dutch company without revealing his role in financing the deal, in contravention of Israel's laws on money laundering.

Prosecutors say the alleged fraud came to more than $170m (£106m).

Mr Gaydamak, who is reportedly in Russia, has denied the charge and said he will go back to Israel to stand trial and prove his innocence.

A statement issued by his lawyer said Mr Gaydamak would show "that he is being wrongfully persecuted".

Mr Gaydamak is one Israel's best-known businessmen, with investments in sports teams, and high-profile charitable donations.

He abandoned a foray into politics after running unsuccessfully for mayor of Jerusalem last year.

Mr Gaydamak, who settled in Israel in 1972, has a large following among the country's approximately one million Russian emigres.

He has also championed the interests of both Israel's s Orthodox Jews and Israeli-Arabs

He is also wanted in France in connection with an investigation into alleged arms deals with Angola.