MOSCOW, August 18 – RAPSI. The Interior Ministry discovered that the director of a polymer production plant in Omsk Region intentionally bankrupted the plant, the central economic security department at the Interior Ministry told RIA Novosti.

The plant’s director is suspected of willfully racking up over 7 billion rubles ($242 million) of debt on behalf of the plant between 2007 and 2010.

The plant was purchased with borrowed funds that have yet to be repaid.

Investigators  established that the plant director repeatedly took out bank loans and transferred the funds to organizations under his control under fake contracts. The plant’s output was sold through controlled firms that brought no profit to the plant. The plant owes over 50 million rubles ($1.7 million) to its workers in back wages.

A criminal case has been launched against the director.