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Court arrests shares within Bank of Moscow theft probe

January 17, 2012, 16:34 UTC+3
It was ascertained that Akulinin and Borodin had abused their office powers for illegal sale/purchase of Investlesprom shares belonging to the Bank of Moscow
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MOSCOW, January 17 (Itar-Tass) — Moscow's Tverskoi court arrested the shares of the Invsetlesprom company within the probe into the theft of 12.56 billion roubles at the Bank of Moscow, the Interior Ministry's investigation department told Itar-Tass on Tuesday.

Investigators checked the transactions to sell/purchase Investlesprom private company's shares within the probe into the criminal case into Bank of Moscow theft. "The circumstances of these transactions show signs of crime in the actions by former Bank of Moscow president Andrei Borodin and his first deputy Dmitry Akulinin, covered by Article 01, Part 2 /"abuse of authority"/, the investigation department said.

It was ascertained that Akulinin and Borodin had abused their office powers for illegal sale/purchase of Investlesprom shares belonging to the Bank of Moscow.

"In 2006, the shares of the country's largest timber industry holding were sold to Lesonavigator, a company subordinate to the Bank, for symbolic price, at a mere 10 roubles per share. The whole package of shares was sold for 10,000 roubles," the press service of the investigation department.

Next, the suspects arranged large loans for the holding, with the view of acquiring assets and increasing the value of shares. Twelve months later, seeking to conceal the true owners of the shares, they resold them to a number of offshore companies, by pricing each share at 15 roubles.

"Later, the Bank of Moscow, re-purchased part of the holding's shares /19.9 percent/ for 199 million dollars.

The Interior Ministry said Investslesprom shares, managed by a number of Cyprus companies, actually belonged to Borodin and Akulinin and that they had been "acquired as a result of the commission of the crime."

"On the strength of the above fact, Moscow’s Tverskoi district court met the petition by the Interior Ministry’s investigation department to arrest the shares, and ban the right of use," the press service said.

 

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