MOSCOW, August 16 (RAPSI) – Founder of one of the largest federal chains of real estate agencies in Russia MIEL Group Grigory Kulikov, who stands charged with multi-million embezzlement, has appealed a ruling of the Moscow Commercial Court acknowledging his debt to Bank Red Gates, the court ruling reads.

The applicant challenged the ruling including a 207.6 million-ruble ($3 million) debt to the bank into the creditors’ demands list.

In mid-June 2016, Kulikov was declared bankrupt.

Bankruptcy procedure has been initiated against Kulikov as an individual entrepreneur. Later, all assets belonging to the businessman must be sold out and the raised funds should be returned to creditors.

In early June of the same year, Kulikov was arrested in Latvia by the request of the Russian General Prosecutor’s Office. He faces extradition to Russia.

Russian investigators allege that Kulikov is responsible for large scale embezzlement of funds from investors of the elite settlement Barvikha Village. The cost of the settlement, according to MIEL Group, is estimated at 4.17 billion rubles ($64 million). The Main Investigative Directorate of Moscow police charged Kulikov in absentia. Later, Kulikov was arrested in absentia. He was put on the international wanted list.