Tel Aviv Magistrates Court Judge Daniel Beeri yesterday ordered Guy Vaisman, the main suspect in the Harel Investment House embezzlement affair, to remain in police custody for five more days.

The police requested the extension because some aspects of the investigations have not yet been looked into and due to concerns that the suspect would disrupt investigation proceedings.

Vaisman's attorneys alleged that when, in the appeal submitted to the District Court last Sunday, Judge David Rozen decided to remand the suspect for a second time, he determined that the needs of the investigation do not constitute a reason for extending Vaisman's detention.

Accordingly, they alleged, the only reason for his continued remand can be the concern that he will disrupt the investigation and proceedings.

The attorneys allege that this possibility steadily diminishes as the investigation continues to develop.

They also argue that Vaisman could have disrupted the investigation even before it began, since he himself approached Harel's owner, Yair Hamburger, and revealed the embezzlement.

They also said that any concern for disruption of proceedings could be addressed by strict, alternative terms of house arrest.

When the police representative was questioned during the hearing, Vaisman's attorney repeated the claim that he had embezzled only a few million shekels and that most of the money was used in ill-advised investments in options on the TA-25 index (called Maof options).

The police representative confirmed that part of the embezzled money, "very substantial sums," went into Vaisman's pocket, but refused to elaborate on the amounts.

He confirmed that the suspect had used additional sums to invest in options, whose profits Vaisman was entitled to.

However, Vaisman's attorney alleges that such an act may constitute forgery of corporate documents, but not theft by a holder of office or embezzlement.

Judge Beeri accepted the police's request and Vaisman, who has already been behind bars for 18 days, will remain behind them for five more. By that time the state is expected to press formal charges.

Yesterday another suspect in the affair, Attorney Eyal Barkan, a former legal counsel at Harel Investment House who was detained the day before yesterday, was released to house arrest until Sunday.

In the detention hearing police alleged that investigation proceedings warranted Barkan's arrest. The police arranged for a confrontation to be held between Barkan and Vaisman, after which Barkan was released to house arrest.

According to Barkan's attorney, it is not clear why the confrontation necessitated the arrest of his client.