Bank of Moscow funds embezzlement investigation extended until April 10
- Court upholds bank's $418.4 mln lawsuit against former Bank of Moscow president
- Prosecution orders to place former Bank of Moscow CEO and deputy on wanted list
- Moscow ex-mayor gave written testimony in Bank of Moscow fraud case
- Former Bank of Moscow president appeals charges
- Investigation of former Bank of Moscow president extended until January 10
- Abuse of power charges against former Bank of Moscow president withdrawn
MOSCOW, January 10 - RAPSI. The Interior Ministry's Investigative Department has extended until April 10 the investigation into funds embezzlement in the Bank of Moscow, the ministry's press service reported on Tuesday.
The department opened a criminal case against former Bank of Moscow President Andrey Borodin and his deputy Dmitry Akulinin in late 2010. Borodin and Akulinin were charged with embezzling 12.5 billion rubles ($392.1 million) from the Moscow budget through a loan to the Premier Estate company.
Prior to granting the loan to Premier Estate, the bank issued new shares worth 15 billion. The stake was purchased by the Moscow government, the bank's majority shareholder.
The Premier Estate used the funds to purchase 58 hectare land plot on the west of Moscow. Investigators say the bank's personnel was well aware of the false information the borrower submitted about the pledge to secure the loan.
"Since both suspects have escaped from the investigation, they have been placed on the international wanted list. Investigation progress will be reported later," the press service said.