MOSCOW, August 28 - RAPSI. The Investigative Committee acknowledged Tuesday that a search is underway at the Kobaykovo Willow Weaving Factory, which was co-founded by opposition leader and anti-corruption activist Alexei Navalny.

"The reason for the search is that Navalny, who is one of the factory's founders, has been accused in the Kirovles property conversion case," the committee said in a press release.

Earlier, Navalny reported the search on Twitter.

The committee noted that investigators are looking for items and documents that may attest to illegal activity conducted by Navalny in 2009.

Investigators have declared that Navalny, who at the time served as an adviser to the Kirov governor on a voluntary basis, plotted the conversion of Kirovles' property in collusion with Vyatskaya Lesnaya Kompaniya Director Pyotr Ofitserov and Kirovles CEO Vyacheslav Opalyov.

Investigators believe that over 10,000 cubic meters of Kirovles timber products were misappropriated between May and September 2009, leading to 16 million rubles ($502,000) in regional budgetary losses.

According to the factorys website, it is located in the village of Kobyakovo outside Moscow. The general director is indicated as "A.I. Navalny," although it is unconfirmed whether the initials refer to the opposition leader.