MOSCOW, July 16 (RAPSI) – The Moscow City Court on Wednesday upheld a ruling to freeze the foreign assets held by businessman Sergei Polonsky, who has assessed them at $100 million, RAPSI learned at the court’s press service.

The injunction to freeze Polonsky’s assets was issued by the Tverskoy District Court in Moscow in December 2013 to cover embezzlement lawsuits filed by investors in the up-market Kutuzovskaya Milya condominium project in central Moscow.

According to the Interior Ministry, Polonsky, who planned to sell the assets in Russia, estimated them at $100 million.

The appeal was filed by Dalfor Investments Limited, whose stock the court seized. The court also approved freezing the stock of a non-resident company, Neswicktrading Limited.

Polonsky is the founder of a multipurpose corporation, Mirax Group, which implemented large development projects, including Federation Tower in the Moscow International Business City, office buildings Mirax Plaza, Poklonnaya 11 and Admiral, condominium developments Fort Kutuzov, Kutuzovskaya Riviera, Rublyovskaya Riviera, Mirax Park, Golden Keys 1 and 2, and Well House.

In June 2013, Russia’s Interior Ministry announced that Sergei Polonsky was charged in absentia and placed on the international wanted list for the alleged embezzlement of billions of rubles from investors in the Kutuzovskaya Milya and Rublyovskaya Riviera projects.

In November 2013, he was arrested in Cambodia at Russia’s request, only to be released in January 2014.

In 2008, Forbes ranked Polonsky Russia’s 40th richest man with a $4.35 billion fortune. His property development company Mirax Group went bankrupt during the global economic crisis.