MOSCOW, February 10 (RAPSI) – The Moscow City Court has ordered ex-president of Globex Bank Vitaly Vavilin, accused of a 12-million euros embezzlement, to be released from detention and put under house arrest, RAPSI  reports from the courtroom on Monday.

Investigators believe that Vavilin has used his job position to give an unrecoverable 12-million euros loan to a company controlled by businessmen, brothers Alexey and Dmitry Ananyev. The credit deal terms have been allegedly changed and debt obligations to Globex have been transferred to a foreign organization, which is yet to return the money.

Vavilin could face up to 10 years in prison if convicted; however, he does not admit guilt.

Earlier, the former banker was questioned as a witness in several cases related to Globex Bank.

The Moscow business ombudsman Tatiana Mineyeva has noted that the businessman’s rights were violated in the framework of the case: firstly, he was detained, and, secondly, his actions could not be qualified as embezzlement, because a commercial court found that the bank suffered no damages.

Established in 1992, Globex Bank is one of major Russian banks with most of its shares (99.9 percent) owned by the state-run Bank for Development and Foreign Economic Affairs.