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Aug 17, 7:26 AM EDT

Israel to release tycoon, adviser arrested for corruption


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JERUSALEM (AP) -- Israeli police say a prominent billionaire businessman and a political consultant arrested this week on an array of charges will be released under restrictive conditions.

Spokeswoman Luba Samri said Thursday that Beny Steinmetz, a Geneva-based diamond-mining magnate, and Tal Silberstein, a former adviser to the Austrian chancellor, reached an agreement where they will be released after their extended remand Friday. She did not elaborate on the terms of their release.

The two were arrested on charges including money laundering, obstruction of justice and bribery following a joint investigation with Swiss and American authorities.

Israeli authorities arrested Steinmetz in December over allegations of bribing officials in the West African country of Guinea to promote business interests there.

Austria's Social Democratic Party severed relations with Silberstein after his arrest Monday.

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