MOSCOW, March 18 - RAPSI, Diana Gutsul. Moscow's Tverskoy District Court has scheduled a trial date of April 4 for the 245 million ruble ($8 million) embezzlement case involving the Valery Gergiev Charitable Foundation, which was established by a famous Russian conductor of the same name in order to promote arts and culture, RAPSI learned in the courtroom Monday.

Igor Zotov, the foundation's director, has been accused of misappropriating 245 million rubles with his accomplice Kazbek Lakuti.

The two suspects allegedly transferred the funds to a subsidiary company. Investigators believe that they used the stolen funds to purchase six apartments and parking space for six vehicles.

According to the investigators, the suspects used loan agreements that they knew were unrecoverable to refund the stolen amount using funds belonging to two legal entities controlled by Zotov to cover up their tracks - the Music Festival Stars of the White Nights and the Moscow Easter Festival.

The damages caused to the three companies totaled 472 million rubles ($15.36 million). Their property has been seized.

Zotov and Lakuti have been charged with three crimes, including misappropriating and squandering company funds and abuse of office. The charges carry a maximum sentence of 10 years in prison.

Gergiev is a renowned Russian conductor, and the London Symphony Orchestra's principal conductor.

He has served as the artistic director of the Mariinsky Theater since 1988. His awards include the People's Artist of Russia title (1996) and the People's Artist of Ukraine title (2003), as well as two state prizes (in 1993 and 1998).

The Valery Gergiev Charitable Foundation was established on December 5, 2003 by Gergiev, who aimed at engage in fundraising for the arts, culture and education.