MOSCOW, December 15 (RAPSI) – Owner of Volgograd metallurgic plant Red October, Dmitry Gerasimenko, who is charged with embezzling VTB Bank’s $65 million credit, has been arrested on Cyprus, Kommersant newspaper reported on Thursday.

According to Kommersant, Gerasimenko, who lives in Europe, was arrested by Cyprus police in November shortly after he arrived on island, but was released on bail afterwards. Earlier he was charged with embezzlement and put on the international wanted list by the Russia’s Internal Ministry. During investigation of his case charges were changed to fraud.

Gerasimenko told Kommersant that he arrived on Cyprus on his own volition to be present during court hearings in a country where he may defend himself in accordance with English law.

Various media previously reported that Gerasimenko owns Red October, one of the largest special grade rolled metal producers for automotive and aviation industries in Russia.