Russian businessman Polonsky pleads not guilty to fraud charges
MOSCOW, July 14 (RAPSI) - Real estate tycoon Sergei Polonsky, who stands charged with large scale fraud, has pleaded not guilty, RAPSI reports Tuesday from the Tverskoy District Court of Moscow.
Polonsky, deported from Cambodia on May 17, has been taken to a detention facility in Moscow. If convicted, Polonsky could face up to ten years in prison.
In June, experts found the businessman sane.
Polonsky was charged in Russia in absentia in July 2012 as part of a criminal case involving the embezzlement of over $175 million from the investors in an up-market condominium project in central Moscow.
In November 2013, Polonsky was arrested in Cambodia at Russia’s request, only to be released in January 2014.
On January 13, 2014, Moscow's Tverskoy District Court seized the stock of foreign companies owned by Polonsky, who assessed them at $100 million.
In 2008, Forbes ranked Polonsky Russia's 40th richest man with a $4.35 billion fortune. His Mirax Group, a property development company, went bankrupt during the global economic recession.