Ex-CEO says police to check payment for Bank of Moscow stake

Prime News

The Russian police were ordered to investigate why 103 billion rubles paid by VTB bank to the city for a 46.68% stake in the Bank of Moscow failed to end up in the city budget, former CEO of Bank of Moscow Andrei Borodin said on Wednesday.

VTB acquired the stake in 2011 but placed the money on Bank of Moscow’s accounts instead of paying it to the budget.

“The Prosecutor’s Office has ordered an additional check and legal proceedings to make a lawful ruling,” he said.

In December 2010, Borodin himself was accused of abusing his position and embezzling 12.5 billion rubles linked with real estate developer Premiere Estate. Another fraud case involving 6.7 billion rubles was initiated later.

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