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Russia’s business community suggests imprisoning up to 10 years for bank bankruptcy fraud

May 26, 2015, 8:53 UTC+3 MOSCOW
There is a need to toughen punishments in this sphere because this problem "affects interests of other businessmen holding accounts with such banks," Business Ombudsman Titov added
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Russian President Vladimir Putin and  Business Ombudsman Boris Titov

Russian President Vladimir Putin and Business Ombudsman Boris Titov

© Alexei Nikolsky/Russian presidential press service/TASS

MOSCOW, May 26. /TASS/. The Russian business community drafted a proposal to Russian President Vladimir Putin on the imprisonment for up to 10 years for the fraud with the bankruptcy of banks.

The proposal on amendments to the Russia’s Criminal Code is described in the report titled "Recommendations and Concerns of the Russian Business" to be presented to Russian President Vladimir Putin by Business Ombudsman Boris Titov on Tuesday.

It is proposed to amend the fraud articles of the Criminal Code by introducing the imprisonment up to 10 years in case of fraud during government procurements and completion of the government defense order and bankruptcy of banks.

There is a need to toughen punishments in this sphere because this problem "affects interests of other businessmen holding accounts with such banks," Titov added.

The business community also suggests lowering the maximal imprisonment period from ten to six years for other cases of fraud in the business activity.

The report also suggests a two-fold increase for limits of damage implying the criminal liability of businessmen for economic crimes.

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