MOSCOW, July 15 (RAPSI) – Sergey Khachaturov, former vice-president of Rosgosstrakh, the largest insurer in Russia, plans to appeal an 8-year prison sentence for his role in a stock fraud and money laundering scheme causing 8 billion rubles loss, according to his lawyers. 

“We will definitely appeal. This document [conviction] causes nothing but a feeling of annoyance and bitterness. It goes against fundamental principles of law,” - Alexander Gofshtein, Khachaturov’s lawyer, said.

Maria Blagovolina, another Khachaturov’s lawyer, also claims the sentence was unjustified and contradictory. The court has ignored the evidence and arguments presented by the defense, the conviction just copies the indictment, Blagovolina said.  

Nadezhda Klepalskaya who was indicted along with Khachaturov in this case was given 6 years in prison.

Prosecutors claim that Khachaturov acting in conspiracy with Klepalskaya and several other persons misappropriated assets of an investment foundation worth almost 2.3 billion rubles (about $32.5 million at the current exchange rate). Besides, they embezzled over 5 billion rubles ($70.7 million) from Rosgosstrakh and laundered the money they got as a result of crime.