VEB deputy president charged with fraud

17:04 12/03/2012

MOSCOW, March 12 - RAPSI. Vnesheconombank (VEB) Deputy Chairman Anatoly Ballo have been charged with fraud on Monday, the Interior Ministry reports.

According to investigators, Ballo and his accomplices stole $14 million on September 24, 2008 as part of a loan provided to OJSC Evraziyskiy to purchase a 100-percent interest in Yugvodokanals charter capital.

"One of Ballo's accomplices has already been charged. Investigation of the third suspect, who is in the hospital now, will also start soon," the Ministry reports.

The investigation has established that the stolen funds were deposited on the accounts of offshore companies opened in Swiss banks.

Investigators are looking into Ballo's possible involvement in similar crimes. The Tverskoy District Court in Moscow released him on a 5 million ruble ($170,000) bail last week.

VEB is a state corporation that aims to boost Russia's economic competitiveness, diversify its economy and stimulate investments. VEB has been the major shareholder of Evraziyskiy since 2006.

Share thisE-mail this articlesubmit newsAdd to blogrss feed
Add to blog
To link to this material, copy the code to your blog.
Publishing code:

VEB deputy president charged with fraud

17:04 12/03/2012 Investigators have charged Vnesheconombank (VEB) Deputy Chairman Anatoly Ballo with fraud on Monday.
Forward news story

All fields are mandatory!

Submit news

All fields are mandatory!

Share this

Top news