MOSCOW, August 15 (RAPSI) – The Moscow City Court on Friday upheld the detention of 65-year-old Levon Airapetyan, deemed to be one of the wealthiest Armenian businessmen, RAPSI reports from the courtroom.

Airapetyan is suspected of taking part in the sale of Bashneft oil company in April 2009. The company headed by that time by Ural Rakhimov, the son of Bashkortostan President Murtaza Rakhimov, was sold to subsidiaries of investment holding company AFK Sistema.

Airapetyan was charged with embezzlement and money laundering.

Earlier the court arrested Bashneft stake worth 300 million rubles (over $8.3 million).

His attorneys requested that Airapetyan be released from detention on a no-exit pledge, recognizance of no-leave or a 30 million ruble (over $830,000) bail. A number of celebrities, including stage directors Mark Zakharov and Alexander Shirvindt, as well as the Head of the Armenian Apostolic Church in Russia, suggested bailing him out.

Airapetyan took part in the court hearings via videoconference from Moscow’s Matrosskaya Tishina detention center. He said that he didn't feel well and asked that the application be heard in absentia, but the court ruled that his presence was necessary.

According to investigators, Airapetyan has dual citizenship and owns real estate abroad. Notably, he has spent a lot of time in Monaco lately.