MOSCOW, August 7 - RAPSI. Former YUKOS Deputy Executive Officer Alexei Kurtsin has been released on parole, the Echo of Moscow radio station reported on Tuesday, citing his attorney Roman Golovtsev.

He said the Ryazanski District Court passed the ruling, and added that his client spent nearly eight years in prison.

Attorney Yuri Larin, who officially represents Kurtsin's interests, confirmed in a conversation with the Russian Legal Information Agency (RAPSI/rapsinews.com) that such a decision was made.

According to investigators, Kurtsin stole YUKOS funds by transferring money to the fly-by-night Democratuc Union NGO and the Sports Car Club Track. The funds were then cashed via shady companies. The total amount of the stolen funds was 49 million rubles ($1.55 million).

Kurtsin previously headed the YUKOS-Moscow General Department and served as a YUKOS deputy executive officer.

He was previously convicted for committing economic crimes. In December 2008, the Tagansky District Court sentenced him to 12 years in prison and an 800,000 ruble fine ($23,325), finding him guilty of misappropriating and laundering 74 million rubles ($2.34 million).

In December 2005, the Lefortovsky District Court sentenced Kurtsin to 14 years in prison for misappropriating and legalizing 343 million rubles ($10.85 million) in YUKOS funds.

Eight other entrepreneurs were involved in the case.

The court sentenced them to prison sentences ranging from 2 to 13 years.