MOSCOW, July 30 (RAPSI) – The head of the fund for support of St. Petersburg’s small businesses Rifat Islyayev had been sentenced to 3 years on probation for abuse of office and deliberately placing 200 million rubles (about $3.3 million) in a bank on a brink of closure, the St. Petersburg Prosecutor’s Office has told RAPSI.

According to prosecutors, Islyayev admitted guilt and his case was reviewed under a special procedure.

Earlier, investigators stated that heads of Fund for Assisting Venture Investments in Small Enterprises in the Scientific-Technical Sphere in St. Petersburg NGO brought attention of law enforcement to Islyayev, who was believed to transfer money between banks without consulting anyone else in December 2016.

He allegedly cashed in 200 million rubles from Bank St. Petersburg and placed the money in Taftobank with the latter losing its license soon afterwards. The Fund was unable to return money frozen on the account and its activities came to a halt as a result. The applicants believe that Islyayev was acting deliberately.

The Fund was created by the St. Petersburg government and was tasked with support of small innovative enterprises.