BARNAUL, June 14 (RAPSI) - The customs agency of the Altai Territory, Siberia, claims that a local company embezzled nearly $12 million, the agency's press office reported on Friday.

Last year, the 25-year-old general director of a company registered in Novoaltaisk signed a contract on the delivery of construction materials with a Hong Kong firm.

"A foreign currency account was opened and two transaction certificates were issued. Within two months, the company transferred $11.9 million abroad. That is over 388 million rubles at the Central Bank exchange rate," the statement reads.

The contract was to be fulfilled by May 1, 2013, but up until now, no materials have been delivered from Hong Kong. The office of the Russian Customs Service in Hong Kong reported that the firm with which the contract was signed is not registered in Hong Kong.

A criminal case has been opened on charges of failing to return a large amount of funds in a foreign currency to Russia. This crime is punishable by up to three years in prison.