Arcadi Gaydamak allegedly concealed NIS 650 million in business activities.
The State Prosecutor today indicted Arcadi Gaydamak on charges of money laundering affair at Bank Hapoalim (TASE: POLI) four years ago. The State Prosecutor also indicted Nahum Galmor, who allegedly acted as a straw man in the affair, Poalim Trust Services Ltd., and several of its executives.
The indictment states that the Poalim Trust Services executives used the reputation of Bank Hapoalim and the Israeli banking system to launder the proceeds of fraud. Gaydamak was particularly involved in the affair in order to allegedly conceal NIS 650 million in business activities.
Published by Globes [online], Israel business news - www.globes-online.com - on October 1, 2009
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