Billionaire to set up rightwing party in Israel

Arkadi Gaydamak, a Russian-born billionaire businessman and sports entrepreneur, has decided to enter Israeli politics as a rightwing kingmaker at a time when voters’ respect for their present leaders has plumbed record lows.

The controversial 54-year-old last night set out his platform for a new political movement whose main beneficiary might turn out to be Benjamin Netanyahu, the Likud opposition leader and a close ally.

Emigrating to Israel from Russia in 1972, he spent much of his life after army service in France. He said last night he did not intend to run for the Knesset and preferred to guide the new party from above.

Mr Gaydamak, who founded a fortune estimated at up to $4bn (£2bn) on real estate and other businesses, was one of the rare public figures to emerge from Israel’s war in Lebanon last year with his reputation enhanced.

During the conflict he set up tent encampments on the coast for 1,000 people fleeing Hizbollah rockets in the north of the country at a time when the government faced fierce criticism for abandoning civilians to their fate.