MOSCOW, February 9 (RAPSI) – The Moscow City Court upheld on Monday an arrest warrant for Chairman of Ameropa Holding AG Andreas Zivy, who faces embezzlement charges in Togliattiazot case, RAPSI learnt in the court on Monday.

Investigators claim that Togliattiazot products were sold in 2008-2011 at heavily reduced prices to Swiss companies Nitrochem Distribution AG, a wholesale distributor of chemicals and allied products, and Ameropa Holding AG. These two companies resold the products to independent buyers at market prices. Part of the revenue was transferred to the offshore companies affiliated with Togliattiazot, according to investigators.

They claim that Togliattiazot lost about $3 billion as a result of an alleged fraudulent scheme. The investigation was launched in 2012 at the request of Uralchem, a shareholder in Togliattiazot.

In December, four men implicated in the case were arrested in absentia, including chairman at Togliattiazot Vladimir Makhlay, his son Sergei, president of the board of Ameropa Holding AG Andreas Zivy and businessman Beat Ruprecht.

All the suspects in the case were placed on the international wanted list as investigators claim that they have no official information about their whereabouts.