BANGKOK, February 22 - RAPSI. The Sihanoukville court is not considering the possibility of releasing real estate mogul Sergei Polonsky on bail or recognizance not to leave, one of the Russian businessman's lawyers told RIA Novosti on Friday.

"The investigating magistrate is formulating conclusions on the case and will then forward them on to the chief judge, who will make a decision on the case," the lawyer said. "If the chief judge rules the accused are not guilty or dismisses the case for lack of evidence, Polonsky and the other two Russians will be released. If he rules that a trial is necessary, he will also choose the measure of restraint for the Russians."

"I expect the court believes that release on bail at this stage of the investigation is not a good idea. But the issue may well be raised again next week, after the case documents are forwarded to the chief judge," the lawyer said.

He added that February 25 will be a public holiday in Cambodia and so the courts will be closed. People in Thailand, Cambodia, Myanmar and Laos will be celebrating Magha Puja, or the Full Moon of Tabaung, on Monday. This important Buddhist festival is a celebration of Buddha and his teachings and is held on the full moon of the third lunar month.

The Cambodian police arrested the three men on December 31 on charges of inflicting harm on the crew of a ship heading back to the city of Sihanoukville from nearby islands and of depriving them of their personal liberty.

According to the prosecution, Polonsky accompanied by two friends, who were in a state of drunken intoxication, threatened the crew, locked them in the cargo hold and later forced them to jump overboard and to swim to the shore. The three men were later detained by military sailors, who turned them over to the police. The men have denied the charges, stating that they had an argument with the Cambodians over the amount of the New Year fireworks used.

The judicial inquiry into their case is nearing completion. Under Cambodian law, the investigating magistrate has the right to look into a case for six months, after which a senior judge can further extend the investigation.

In 2008, Forbes ranked Polonsky Russia's 40th richest man with a $4.35 billion fortune. He headed the Mirax Group, a major property development company that went bankrupt during the global economic crisis.