MOSCOW, January 31 - RAPSI. Head of Cyprus-based One World company George Philippides, a witness in the Bank of Moscow case, is planning to sue investigators, the Moscow News newspaper reported on Tuesday referring to Philippides’s lawyer.
One World controls assets of Investlesprom concern.
It was earlier reported that the Interior Ministry’s Investigative department suspected former Bank of Moscow President Andrey Borodin and his deputy Dmitry Akulinin of abuse of power during the purchase of Investlesprom shares. According to investigators Borodin and Akulinin made $200 million in the deal.
Philippides said he arrived in Moscow to settle the conflict between Investlesprom and the Bank of Moscow. He planned to meet with the bank’s present chief Mikhail Kuzovlyov, but eventually the meeting was frustrated. Philippides said the police detained him on January 20 at his room in Ritz hotel.
Philippides’s counsel Christos Clerides told the Moscow News that his client was deprived of mobile phone, laptop and documents he took with him to Moscow.
Philippides was brought to the nearest police office where he was interrogated for seven hours regarding the funds his companies and, particularly Investlesprom, owed to the Bank of Moscow.
Philippides asked the Russian-Cypriot business association and his lawyers for support. He is now planning to challenge police actions in court.
The Interior Ministry’s Investigative department confirmed the information about the search of Philippides’s hotel room.
Meanwhile, the investigative department maintains that Philippides came to police on his own and was interrogated as a witness.
The investigative department opened a criminal case against Borodin and Akulinin in late 2010. Borodin and Akulinin were charged with embezzling 12.5 billion rubles ($398.5 million) from the Moscow budget through a loan to the Premier Estate company. Prior to granting the loan to Premier Estate, the bank issued new shares worth 15 billion rubles ($478.2). The stake was purchased by the Moscow government, the bank's majority shareholder. The Premier Estate used the funds to purchase 58 hectare land plot on the west of Moscow. Investigators say the bank's personnel were well aware of the false information the borrower submitted about the pledge to secure the loan.