Jerusalem: Israel’s Attorney-General has announced his plans to indict Prime Minister Benjamin Netanyahu on charges of bribery, fraud and breach of trust, imperilling Netanyahu’s political future just 40 days before he is to stand for re-election.

The announcement by Attorney-General Avichai Mandelblit was the culmination of a two-year investigation into Netanyahu’s dealings with wealthy businessmen, including Australian media mogul James Packer, a Hollywood movie producer, Israeli newspaper publishers and the head of the country’s largest telecommunications conglomerate.

The draft indictment, while expected, sent tremors through Israel's political landscape, coming so close to what's shaping up to be a closely fought election. It's the first time a sitting Israeli leader has ever come so near to criminal charges.

Before any indictment is filed, Netanyahu is entitled to a hearing to present his side of the story and try to change Mandelblit's mind, a process that could take months.