MOSCOW, September 17 - RAPSI. On Monday, the Moscow City Dorogomilovsky Court found former head of a Sovcomflot (SCF) subsidiary Yuri Privalov guilty of embezzling over $67 million, the court spokesperson told RAPSI.

Thus the court established Privalov's complicity in large-scale embezzlement as part of an organized criminal group.

As Privalov did not attend the trial, the sentence was announced in his absence.

When making his last plea, Privalov admitted his guilt in full.

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

The Investigative Committee said that the money was misappropriated by overstating commissions payable to foreign brokerage companies for the conclusion of purchase and sale transactions for Novoship and SCF ships. After payment was received, the margin was transferred to the accounts of companies controlled by the accused. The total sum embezzled came to over $67 million.

As Privalov made a plea bargain, his case was considered without a full examination of the evidence or witness interrogation.

SCF and its subsidiaries were in litigation with former SCF CEO Dmitry Skarga, former CEO of SCF British subsidiary Fiona Maritime Agencies Privalov, former Novoship President Tagir Izmailov and businessman Yuri Nikitin for over five years until 2010.

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