MOSCOW, June 13 (RAPSI) – Andrey Gorkov, a managing director of the state-owned technology corporation Rusnano, has appealed his detention in the case over embezzling more than 700 million rubles ($12.3 million), RIA Novosti reported on Tuesday.

On June 11, the Basmanny District Court of Moscow detained Gorkov until August 9 in the case over machinations with corporation’s assets. Investigators believe that in 2011-2013 Gorkov was transferring Rusnano’s assets to the Smolensky Bank under the guise of provision of cash services, in effect financing its activity. The top manager denies guilt and notes that he did not have a right to manage corporation’s money at the moment of revocation of the bank’s license in 2014.

As a result, Rusnano lost over 738 million rubles ($12.9 million) and, according to investigators, 400 million ($7 million) were allocated to Gorkov’s brother a day before the license was revoked.