Subscribe to Print Edition | Thu., November 06, 2008 Cheshvan 8, 5769 | | Israel Time: 02:57 (EST+7) web haaretz.com   Back to Homepage Haaretz Toolbar Diplomacy Defense Jewish World Opinion National Print Edition Car Rental Books Haaretz Magazine Business Real Estate U.S. election Travel Week's End Anglo File

Court keeps Gaydamak here at home with heavy bonds By Nurit Roth Tags: Gaydamak, Israel News If Arcadi Gaydamak wants to leave the country, he'll have to put up a $2.5 million cash bond and provide the same amount of property as a guarantee, ruled the Petah Tikva Magistrates Court yesterday. The prosecution last week demanded heavy guarantees to ensure that the business was around as the investigation against him for alleged money-laundering through Bank Hapoalim continues. Gaydamak has been under investigation for six years in a case related to the purchase of a Dutch company through an alleged front man, through a subsidiary of the bank. Advertisement The prosecution recently added another charge to the investigation: aggravated fraud, and has summoned Gaydamak's attorneys for a hearing ahead of the indictment. Even though the new suspicions against Gaydamak came to light in January 2007, only last week did the prosecution ask the court to demand new guarantees. "There is solid intelligence information that Gaydamak is about to flee justice," prosecutors claimed. The prosecution had asked that the entire sum of $5 million be in cash or bank guarantees. Among its arguments in favor of the high bond: Gaydamak has family overseas, there is an international extradition warrant out against him, he spends months every year abroad and has three foreign passports, including a diplomatic passport. In addition he owns a private jet and two yachts, said the prosecution, warning of the danger that Gaydamak would flee. Gaydamak's lawyer, Shlomo Ben-Arie, said there was no reason to extend the guarantees, which had expired. He argues that the case against Gaydamak amounted to political persecution before next week's municipal elections, in which Gaydamak is running for mayor of Jerusalem. Judge Aharon Goldes stated in his ruling that after examining the secret report presented by the prosecution, he agreed that new suspicions had arisen since the previous bond request, which has since expired. He ruled there was a reasonable possibility Gaydamak would attempt to flee to avoid trial, due both to the seriousness of the charges and the severity of the possible punishment; and because he is a businessman who frequently travels abroad. In addition, he has family, houses, property and businesses overseas, as well as foreign passports and has recently started transfering his assets overseas, explained the judge. Goldes added that the fact that Gaydamak has appeared in the past for investigation when required does not mean he will continue to do so. "As the judgment day approaches, the fear grows of his fleeing from justice," said the judge, adding that Gaydamak had done nothing to alleviate those concerns. Bookmark to del.icio.us   Never walk alone It's safe to assume that Obama won't abandon Israel. Apprehensive in Israel Rightist MK Aryeh Eldad warns 'Israel should be wary of Barack Obama'

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