Russian Spyker investor on fraud charges

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British police have arrested Portsmouth Football Club chief Vladimir Antonov as part of an investigation into alleged fraud and money laundering. The Russian businessman was a backer of Dutch sports carmaker Spyker.

Antonov is wanted in Lithuania in connection with an inquiry into the activities of Bankas Snoras. A second man, believed to be his business partner Raimondas Baranauskas, was also detained. Both men are former managers and shareholders of Bankas Snoras. Antonov owns 68 percent of Snoras's shares.

Earlier this year, Antonov took over the sports car division of Spyker from Dutchman Victor Muller. Spyker had bought ailing Swedish car manufacturer Saab from General Motors to form Swedish Automobile.

Antonov’s banks bust Portsmouth FC said the arrest did not affect the club and that its operations would "carry on as normal".

Snoras Bank went into temporary administration last week. Last Tuesday, Latvian authorities suspended the operations of another of Antonov's banks, Krajbanka.  

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