MOSCOW, November 16 (RAPSI) – Moscow’s Tagansky District Court released ex-head of Ukraine’s largest oil and gas corporation Naftogaz Igor Bakay charged with embezzlement from detention, and placed him under house arrest until January 12, the court’s spokesperson Yulia Sukhinina told RAPSI on Thursday.

Reportedly, Bakay, who held the position of Naftogaz chairman from 1998 to 2000, embezzled money belonging to other persons including Russian billionaire Alisher Usmanov.

The Interior Ministry’s press service reported earlier that Bakay had signed a loan agreement worth over 630 million rubles (about $11 million) with a mining and smelting holding on behalf of his company. Obligations for repayment of the loan have not been fulfilled. The businessman has administered the funds at his own discretion.