MOSCOW, June 29 (RAPSI, Lyudmila Klenko) – The Moscow City Court has upheld a lower court’s decision to seize assets belonging to Volgograd metallurgic plant Red October, Dmitry Gerasimenko, who is charged with embezzling VTB Bank’s $65 million credit, the court’s press office told RAPSI on Thursday.

Gerasimenko, who lives in Europe, was arrested by Cyprus police in November 2016 shortly after he arrived on island, but was released on bail afterwards, Kommersant newspaper reported last year. Earlier he was charged with embezzlement and put on the international wanted list by Russia’s Interior Ministry. During investigation of his case charges were changed to fraud.

Gerasimenko told Kommersant that he arrived on Cyprus on his own volition to be present during court hearings in a country where he may defend himself in accordance with English law.

Various media previously reported that Gerasimenko owns Red October, one of the largest special grade rolled metal producers for automotive and aviation industries in Russia.