Court Indicts Billionaire Arkady Gaydamak

Gaydamak indicted for conspiring to conceal financial activities worth NIS 650 million

Israeli authorities on Thursday indicted Arkady Gaydamak, a Russian-born tycoon who fled the country on charges of fraud and money laundering.

The indictment filed in a Tel Aviv court says Gaydamak conspired with senior Israeli banking officials to conceal financial activities worth around NIS 650 million.

Gaydamak is well known in Israel for underwriting high-profile philanthropic projects and buying a popular football club. He left the country last year for Russia under police investigation and after an attempt to become mayor of Jerusalem ended in a humiliating defeat.

Gaydamak faces an international arrest warrant because of a French investigation into alleged arms trafficking to Angola in the early 1990s.