MOSCOW, December 25 (RAPSI) - Moscow's Basmanny District Court has issued a warrant for the arrest of Vladimir Makhlay, chairman at Togliattiazot, in a $550 million embezzlement case, RAPSI learnt in the court on Thursday.

Investigators claim that products of Togliattiazot were sold in 2008-2011 at low prices to Switzerland-based companies Nitrochem Distribution AG, which is engaged in the wholesale distribution of chemicals and allied products, and Ameropa Holding AG. These two companies resold the products to independent buyers at market prices. Part of the income was transferred to the offshore companies affiliated with Togliattiazot, according to investigators.

On Wednesday, a Moscow court issued a warrant for the arrest of Andreas Zivy, president of the board of Ameropa Holding AG.

Earlier this week, an arrest warrant was issued for Vladimir Makhlay’s son, Sergei.

Vladimir Makhlay has reportedly left Russia in 2005, whereabouts of his son are also unknown.