Court upholds bank's $418.4 mln lawsuit against former Bank of Moscow president

12:45 05/12/2011

MOSCOW, December 5 - RAPSI. The court has held in favor of VTB Bank's $418.4 million lawsuit filed against former Bank of Moscow president Andrei Borodin as part of a criminal case of unlawful loan provision, the Russian Legal Information Agency (RAPSI/rapsinews.com).reports from the courtroom.

The court has also dismissed Borodins appeal, which claimed that the lawsuit "contradicts both law and common sense".

The Interior Ministry's investigative department opened a case against Borodin and his deputy Dmitry Akulinin in late 2010. Both are alleged to have defrauded the Moscow government of 12.76 billion rubles ($418.4 million) via a loan issued by the bank to the Premier Estate company.

A Moscow district court issued arrest warrants for Borodin and Akulinin in absentia.

The investigators maintain that Borodin, Akulinin and their unidentified accomplices have inflicted 12.5 billion rubles ($409 million) in damages to their bank.
Both men face up to 10 years in prison.

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