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A court panel has rejected Borodin’s appeal and upheld the ruling of the court of the first instance, the head of the court press service Ulyana Solopova said.
Earlier, Moscow’s Tverskoy district court ruled to arrest Borodin in absentia.
The chief banker and other top managers of the bank are suspected of embezzlement of more than one billion rubles ($25 million).
In 2008, when he was president of Bank of Moscow, Borodin formed an organized group of bank managers who embezzled funds during the period from 2008 to 2010 through false contracts for buying and selling foreign currency, investigators said. At present, the suspects reside in Great Britain.