Billionaire witness in Netanyahu graft case quits own company

Billionaire businessman James Packer, a witness in an ongoing graft probe into Israeli Prime Minister Binyamin Netanyahu, has stepped down from the board of his own company, a spokesperson said on Monday.

The Australian investor's resignation from Consolidated Press Holdings (CPH) comes four months after his exit from Crown Resorts Ltd's board on grounds of mental health issues.

In the emailed statement, his spokesperson said that he had "stepped off the CPH Board as he continues his recovery from illness".

Packer was reportedly sought by Israeli police for questioning in April, however, authorities were unable to reach the businessman who spends much of his time at sea on his private yacht.

It is alleged that Packer attempted to influence the Israeli prime minister through lavish gifts to his family, including free airline flights and luxury hotel bookings for the Netanyahus' 26-year-old son Yair.

Netanyahu and his wife, Sara, have not denied receiving expensive gifts from wealthy associates, however have pushed back at claims that they were received in exchange for political or business favours.

It is thought that Packer and Israeli Hollywood Mogul Arnon Milchan used the lavish gifts to obtain visas and further their investments.

The investigation, dubbed 'Case 1000' in Israel, is one of several police probes that threaten to unseat Netanyahu from his role as premier.

In July, Netanyahu was questioned in a separate line of investigation dubbed 'Case 3000', a probe into the purchase of naval vessels from a German shipbuilder.

In two other cases, dubbed 'Case 2000' and 'Case 4000', police are investigating allegations that Netanyahu made deals and forwarded regulations in order to receive favourable media coverage.