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Former oil company manager gets 7 years in prison for stealing $187.5 mln

16:48 04/07/2016

MOSCOW, July 4 (RAPSI) – The Tagansky District Court of Moscow has sentenced Fyodor Khoroshilov, former manager of the Tyumen branch of the Siberian Oil Company (Sibneft), to 7 years in prison for embezzling about 12 billion rubles ($187.5 million) from VTB bank, RAPSI learnt in the court on Monday.

Khoroshilov’s partner, Gendrik Mundut, received a 5-year suspended sentence.

Prosecutors asked to sentence Khoroshilov and Mundut to 9 and 7 years in jail respectively and impose a 750,000 ruble ($11,700) fine on each of the defendants.

Companies owned by Khoroshilov have reportedly obtained credits from VTB bank and its Cypriot subsidiary for field development since 2005.

In 1998-2002, Khoroshilov was manager of the Tyumen branch of the Siberian Oil Company (Sibneft) and had an oilfield development license for three fields in West Siberia where he planned to start drilling. In 2008, Khoroshilov stopped servicing the loan. In June 2009, VTB began filing claims against Khoroshilov with the High Court of London the total value of which eventually reached $800 million.

According to investigation, in 2006, Khoroshilov and Mundut, by acting together, used their authority to steal about 12 billion rubles belonging to the VTB bank by providing misleading information.

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Former oil company manager gets 7 years in prison for stealing $187.5 mln

16:48 04/07/2016 The Tagansky District Court of Moscow has sentenced Fyodor Khoroshilov, former manager of the Tyumen branch of the Siberian Oil Company (Sibneft), to 7 years in prison for embezzling about 12 billion rubles ($187.5 million) from VTB bank.
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