MOSCOW, June 1 - RAPSI. Anatoly Ballo, accused of multimillion dollar embezzlement, is staying on as deputy chairman of the Foreign Economic Bank (VEB), defense attorney Tagir Samakayev told the Russian Legal Information Agency (RAPSI/rapsinews.com).

Investigators have filed a motion to suspend Ballo, but the Moscow's Tverskoy District Court dismissed it on insufficient grounds, the lawyer said.

Ballo and his alleged accomplices are suspected of misappropriating $14 million allocated in 2008 for Evraziyskiy, a water supply operator in southern Russia.

VEB has been Evraziyskiy's major shareholder since 2006. Investigators found that the stolen funds were deposited into Swiss bank accounts and charged VEB top manager with fraud. He faces up to 10 years in prison.

According to Samakayev there is insufficient evidence for opening a case against his client; the charge is not specific enough and unfounded.

Initially, Ballo was brought into the case as a witness, but a separate case was later opened against him.