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SCF subsidiary ex-CEO to stand trial for $67 mln embezzlement

10:10 21/08/2012

MOSCOW, August 21 - RAPSI. On September 7, Yuri Privalov, the former head of a Sovcomflot subsidiary, will face charges of embezzling over $67 million.

Investigators maintain that Privalov and other members of an alleged criminal group embezzled funds from Sovcomflot and Novoship subsidiaries between 2000 and 2005.

The money was supposedly misappropriated by overstating commissions payable to foreign brokerage companies for the conclusion of purchase and sale transactions for SCF and Noviship ships. After payment was received the margin was transferred to the accounts of companies controlled by the accused, who eventually took over $67 million, according to the Investigative Committee.

Since Privalov has entered a plea bargain, his case will be reviewed without examining the evidence or interrogating witnesses.

SCF and its subsidiaries entered into litigation with former SCF CEO Dmitry Skarga, the former CEO of SCF British subsidiary Fiona Maritime Agencies Provalov, fomer Novoship President Tagir Izmailov and businessman Yuri Nikitin for over five years until 2010.

SCF is Russia's largest shipping company fully-owned by the state. Its fleet consists of over 150 ships.

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SCF subsidiary ex-CEO to stand trial for $67 mln embezzlement

10:10 21/08/2012 On September 7, Yuri Privalov, the former head of a Sovcomflot subsidiary, will face charges of embezzling over $67 million.
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