MOSCOW, October 1 (RAPSI) – The Tverskoy District Court of Moscow has sentenced ex-board chairman of Ergobank Vyacheslav Barmin to 8 years in a penal colony for embezzlement of 750 million rubles ($11.4 million), RAPSI correspondent reports from the courtroom.

The court found that on December 31, 2015, Barmin, acting as the chairman of Ergobank board, embezzled 750 million rubles located in the financial organization’s repository. Later, he used money for his own purposes.

The defendant denied wrongdoing and said that he took money to buy real estate for Ergobank. The court, however, found that there were no documents proving his version of events. Barmin later claimed that there was no money in repository anyway while his lawyer noted that some of the evidence against him was forged and some testimonies by witnesses were also false.

In January 2016, the Central Bank of Russia revoked the license of Ergobank.