MOSCOW, January 17 - RAPSI. The Interior Ministry's Investigative Department suspects former Bank of Moscow President Andrei Borodin and his deputy Dmitry Akulinin of abusing their power while selling the shares of Investlesprom.
According to the department, the former bank heads earned over $200 million on the transaction.
New violations were revealed during the investigation as to the embezzlement of more than 12.5 billion rubles ($396.51 million).
"It was established that Akulinin and Borodin used their powers to conduct an illegal transaction during the sale of Investlesprom, which belonged to the Bank of Moscow. Thus, in 2006, the shares of the largest timber holding were sold to Lesonavigator, a company controlled by the bankers, for a small sum. One share cost 10 rubles ($0.3).
The entire portfolio was sold for 10,000 rubles ($317)," the Investigative Department's press service told RIA Novosti.
According to the department, the shares were resold and the Bank of Moscow again purchased 19.9 percent of the holding's shares for $199 million.