MOSCOW, October 7 (RAPSI) – The costs of legal action brought against Vladimir Yevtushenkov, the chairman of AFK Sistema and one of Russia’s richest businessmen, will be reportedly covered by an insurance, Vedomosti daily reports on Tuesday.
According to Sistema’s board charter, the company insures its executives from claims and lawsuits relevant to their professional activity and their business practices, the daily writes citing two insurance companies. The payments will be made by the Alliance insurance company.
Last week the Moscow City Court left Yevtushenkov under house arrest, and refused to mitigate his detention, while at the same time allowing him to continue working.
Yevtushenkov, who pleaded not guilty, had been charged with money laundering in connection with the company’s acquisition of shares in the oil company Bashneft in 2009. The court ruled that he be placed under house arrest until November 16.
AFK Sistema said the charges were unfounded and that it would use all available legal options to settle the conflict.