Police are expected to complete their investigation into suspicions against Prime Minister Ehud Olmert in relation to the sale of Bank Leumi within two weeks.

A senior police official told Haaretz that currently, "It is uncertain whether Olmert will be suspected of criminal offenses or subject to a criminal investigation."

The Leumi affair relates to Olmert's tenure as acting finance minister in 2005. He is suspected of having intervened in the privatization process of the Bank in trying to divert the tender in favor of businessman Frank Lowy, with whom Olmert is acquainted.

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"From the beginning, we found the material to be problematic," the official said. However, he emphasized that the probe was not over.

The police investigation, launched at the request of State Prosecutor Eran Shendar, was expected to expose more evidence in the affair.

But according to police the evidence collected so far does not suffice to launch a criminal investigation into the matter.

The police became involved after State Comptroller Micha Lindenstrauss sent a letter to Attorney General Menachem Mazuz three months ago, informing him that the he was passing on a file on Olmert and recommending that the attorney general launch a criminal investigation.

The State Prosecutor's Office then began probing the matter, culminating with it recommending that Olmert be investigated on serious criminal charges.

The comptroller's investigation began 10 months ago, as a result of an investigation into Leumi's privatization process.