MOSCOW, December 17 (RAPSI) – Moscow’s Presnensky District Court has sentenced a former president of Rosprombank Sergey Salogubov to 5 years in penal colony for embezzling more than 730 million rubles (over $11 million at the present exchange rate), the Investigative Committee’s press service reports.

In early July, Moscow’s Presnensky District Court extended detention of Salogubov for more than 5 months, until December 19.

According to investigators, in 2016, Salogubov and other managers of the bank conspired to embezzle assets of Rosprombank. From August to September 2016, one more top manager Olga Saberova and their accomplices concluded fictious claim assignment agreements, contracts of sale and agreements on compensation. Therefore, they stole bank’s assets worth over 730 million rubles entrusted to Salogubov and caused large-scale damage to the bank, the Investigative Committee’s press service reports.

Saberova has been put on the international wanted list on embezzlement charges.

The Central Bank of Russia revoked the license of Rosprombank in September 2016 for failure to abide by banking legislation. In November 2016, the Moscow Commercial Court declared the financial organization bankrupt.