MOSCOW, June 30 (RAPSI) – Moscow’s Basmanny District Court has seized bank accounts of Andrey Gorkov, managing director of the state-owned technology corporation Rusnano involved in the case over embezzling more than 700 million rubles (about $12 million).

On June 11, the court ordered the detention of Gorkov until August 9.  He appealed the ruling. The appeal has been set for July 3.

Investigators believe that between 2011 and 2013 Gorkov was transferring Rusnano’s assets to the Smolensky Bank under the guise of provision of cash services, in effect financing its activity. The top manager denies guilt and notes that he did not have the right to manage corporation’s money at the moment of revocation of the bank’s license in 2014.

As a result, Rusnano lost over 738 million rubles ($12.5 million) and, according to investigators, 400 million ($7 million) were allocated to Gorkov’s brother, who is at this time wanted by the police, a day before the bank’s license was revoked.

Gorkov has pleaded not guilty.