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Russian businessman Bulat Chagaev detained in Geneva

10:42 27/01/2012

MOSCOW/PARIS, January 27 - RAPSI. Geneva police arrested Russian businessman Bulat Chagaev, the owner of the bankrupt Swiss football club, Neuchatel Xamax, upon the prosecutor's order on Thursday, Geneva prosecutor's office reported.

A Geneva prosecutor interrogated Chagaev yesterday in connection with Xamax bankruptcy and decided to detain him on suspicion of bad business practice.

"Prosecutor Yves Bertossa ordered to place Bulat Chagaev under pre-trial detention," prosecutor's office reported.

Prosecutor is expected to interrogate Chagaev again on Friday.

"We have nothing else to comment on," the prosecutor's office said.

Chagaev acquired the Xamax football club in May 2011. Xamax filed for bankruptcy on Thursday after the disciplinary committee of the Swiss Football League (SFL) revoked its license on January 18. Xamax appealed the license revocation on January 23. However both arbitration and regional courts dismissed the appeal.

A regional court also declared Xamax bankrupt on Thursday.

RIA Novosti has yet to obtain comments from Chagaev or his attorneys.

It was reported in November 2011 that the Swiss prosecutor's office charged Chagaev with forgery of documents. Prior to charges the Swiss media reported that the prosecutor's office suspected the businessman of forging financial documents of the Bank of America.

Prosecutors allege that Chagaev could have submitted false evidence of having $35 million on his account in the bank in order to avoid Xamax's bankruptcy procedure. Chagaev is also suspected of money laundering and bad business practice.

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Russian businessman Bulat Chagaev detained in Geneva

10:42 27/01/2012 Geneva police arrested Russian businessman Bulat Chagaev, the owner of the bankrupt Swiss football club, Neuchatel Xamax.
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