MOSCOW, July 19 (RAPSI) — The Khanty-Mansiisk District Court has sentenced Vladimir Volkov, former CEO of Yugoria company, to 7.5 years in a penal colony for embezzlement of 183 million rubles ($3.2 million) from the insurer, the press service of the Russian Investigative Committee reports.

A case against Volkov’s accomplice Alexey Semenikhin (another general director of Yugoria - ed.) was previously terminated in court due to the statute of limitations, that is, on a non-rehabilitating basis, the Committee noted.

Volkov was found guilty of committing an embezzlement on an especially large scale.

Investigators and the court established that in the period from April 2005 to January 2012, Volkov and Semenikhin, being alternately the general directors of Yugoria company, established by the Yugra government, embezzled funds in the amount of 183 million rubles ($3,2 million at the current exchange rate) by concluding fictitious reinsurance agreements, causing the enterprise material damage on an especially large scale.