TEL-AVIV, February 15 - RAPSI. Billionaire Arkady Gaidamak, who is suspected of money laundering in Israel, has made a deal with the authorities by pleading partially guilty on Wednesday, RIA Novosti reported.

Gaidamak pleaded guilty and agreed to transfer 3 million shekels (over $800,000) n addition to his 21,000 shekel fine (about $5,600).

A major Israeli bank, which is also involved in the case, will donate other 9 million shekels ($2.4 million) to the federal budget.

Gaidamak's counsel said the agreement implies that his client will remain at large and does not run the risk of imprisonment.

Law enforcement agencies investigated Gaidamak's case for over two years. He was accused of working with major bankers to cover up his financial operations worth 650 million shekels (over $174 million) when acquiring a foreign company.

In late 2011, Gaidamak was sentenced to six years in prison in absentia in France for illegal arms trafficking to Angola, as well as for tax evasion and corruption.