MOSCOW, April 2 (RAPSI) – The Moscow City Court has overturned a lower court’s ruling extending detention of Forum Holding CEO Dmitry Mikhalchenko convicted of alcohol trafficking until June 21 as part of a new case launched against him over alleged embezzlement, the court’s press service has told RAPSI.

The matter has been sent back to the Basmanny District Court of Moscow for reconsideration by other judges. The Moscow City Court has therefore granted Mikhalchenko’s appeal against the Basmanny District Court’s ruling of March 14.

However, the Moscow City Court has fixed a term of his detention until April 9.

Mikhalchenko is suspected of embezzlement and organizing a criminal group.

On December 28, the Basmanny District Court of Moscow found Mikhalchenko guilty of alcohol smuggling and sentenced him to 4 years and 7 months in prison. However, the term is to expire on April 19.

Two other defendants in the alcohol smuggling case, Boris Korevsky and Alexey Mishchenko, were also convicted. Korevsky was given 5 years behind bars, Mishchenko received a 3-year suspended sentence.

Mikhalchenko was arrested and detained in late March 2016. Investigators claimed that he had organized trafficking of alcoholic products from countries of the European Union. According to the prosecution, in 2015, the products were bought in European shops, collected in the port of Hamburg and then smuggled into Russia. The caused damage was estimated at more than 61 million rubles (about $1 million).

Forum Holding Company established in 2011 is one of the largest multibusiness companies in Saint-Petersburg.

The company has united several dozens of the city’s enterprises and organizations. Forum Holding consists of industrial enterprises, such as "Spinning Mill named after S.M. Kirov", the oldest textile industry enterprise in Russia, "Izmeron" factory, one of technological leaders of Russia’s downhole equipment market, according to the company’s website.