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Bank of Moscow ex-president Andrey Borodin faces new charges

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18:19 29/09/2011

MOSCOW, September 29 - RAPSI. Interior Ministry investigators on Thursday charged ex-president of Bank Of Moscow Andrey Borodin, along with his VP, with unlawful procurement of property, the Ministry's press service reports.

The court instituted a criminal case against former Bank of Moscow president Andrei Borodin and his deputy Dmitry Akulinin on fraud and the embezzlement of 12.76 billion rubles ($401 million) from Moscow's budget through a loan granted by the Bank of Moscow to Premier Estate in 2010.

Investigators charged Borodin and Akulinin with abuse of office, a crime punishable up to four years in prison. Both suspects fled from Russia. They were put on the international wanted list, the court sanctioned their arrest.

Founded in 1995, the Bank of Moscow is one of the largest banks in Russia. It comprises four subsidiary banks. In February 2011 the Moscow government sold its 46.48 percent stake in the bank to VTB Bank, a Russia's second largest bank. VTB also acquired 25 percent plus one share in the Capital Insurance Group, which owns a 17.32 percent stake in the Bank of Moscow. The acquisition deal amounted to $3.2 billion.

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Bank of Moscow ex-president Andrey Borodin faces new charges

18:19 29/09/2011 Interior Ministry investigators on Thursday charged ex-president of Bank Of Moscow Andrey Borodin, along with his VP, with unlawful procurement of property.
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