Authorities to investigate sale of stock by Bank of Moscow management
- Former Bank of Moscow president seeks $5 mln in court
- Former Bank of Moscow president on wanted list
- Former Bank of Moscow president to appeal his suspension from office
- Former Bank of Moscow president appeals leave from his position
- Bank of Moscow management suspended from office
- Bank of Moscow president Andrey Borodin under investigation
MOSCOW, August 29 - RAPSI. The Investigative Committee is to look into whether the sale of Investlesprom shares by former Bank of Moscow president Andrei Borodin and his first deputy Dmitry Akulinin was legal, the Committee reported on Monday.
Investlesprom was fully owned by the bank.
Investigators discovered that 99-percent of the companys shares were sold to offshore companies for a nominal price in 2006.
"The average price of the 20-percent shareholding was 3,000 rubles ($107)," the press release reads. Two years later, the banks management bought back 19.9 percent of the shares sold, but for $199 million, investigators established.
The transactions legality is in serious doubt.
Borodin and Akulinin are accused of abuse of office. Akulinin is in detention, while Borodin escaped abroad. Investigators earlier suspected Akulinin of illegally issuing loans amounting to $63 million to two Cypriot companies, according to a law enforcement source.