MOSCOW, December 10 - RAPSI. On Monday, the Moscow City Court declared the freeze of former Bank of Moscow head Andrei Borodin's property legal, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com).

Borodin has been accused of large-scale fraud.

The court ruling regards Borodin's two apartments and a plot of land in Latvia.

On October 23 the Interior Ministry reported that the investigators put a hold on assets owned by Borodin and another former Bank of Moscow top official Andrei Dmitry Akulinin.

Over $400 million belonging to Borodin was frozen by investigators. The money was being held in bank accounts in Switzerland, Belgium and Luxembourg.

Borodin's Bank of Moscow shares were also frozen.

In addition, plots of land, facilities still under construction, and exclusive cars belonging to Borodin were confiscated as well.

The ministry reported that investigators had been granted a court ruling on the arrest of Borodin's aforementioned assets in Latvia; the request to render legal aid has already been submitted to the country's authorities.

Mikhail Doloman, Borodin's attorney, then reported that Borodin's property and vehicles mentioned in the press release were confiscated last year and that this is still being disputed by Borodin's defense. He added that he knew nothing of a freeze on Borodin's property in Latvia.

Borodin and Akulinin were accused of stealing 12.76 billion rubles ($412.8 million) from the Moscow city budget. Another case was initiated against Borodin and Akulinin last winter for the embezzlement of over 6.7 billion rubles ($216.75 million).

Furthermore, a case over the theft of 540 million rubles ($17.5 million) from the Bank of Moscow is also currently in progress. The names of the suspects have not been disclosed.