MOSCOW, April 29 (RAPSI) – Igor Nesterenko, ex-General Director of TMK (Pacific Bridge Building Company), a former contractor in the Vostochny Cosmodrome project, has been sentenced to 3 years and 3 months in prison for embezzling about 104.5 million rubles ($1.6 million), RIA Novosti reported on Friday.

According to investigators, a chairman of the board of TMK from September 2014 to April 2015 organized embezzlement by Nesterenko of funds belonging to the company. The defendants siphoned the embezzled money off to shell companies.

A criminal case against Board Chairman Sergei Yudin, has not been considered yet.

During the investigation assets belonging to Nesterenko and Yudin estimated at 60 ($921,500) and 100 million rubles ($1.5 million) respectively have been seized.

Earlier, Nesterenko was suspected of embezzling 55 million rubles’ ($ 844,700) worth of corporate assets while working with other suspects.

Since December 2014, Nesterenko allegedly failed to pay the salaries of 730 corporate employees. Although he supposedly could have paid the workers’ scheduled salaries, he instructed his managers to spend the available cash on other corporate projects, according to the case files. The wage arrears exceeded 19 million rubles ($291.800) when the case against Nesterenko was opened.

In April, Nesterenko was charged with wage arrears and fraud.

Earlier, Dalspetsstroy, a construction company working on the Vostochny launch site in the Amur Region, terminated its contract with TMK and filed a lawsuit to recover a debt.

The construction of the space center, due to become Russia's main launch site, began in 2012. The facility is planned to be completed in 2016.