President of Bank of Moscow flees Russia

[News_Editor]

President of Bank of Moscow flees Russia

2011-04-05 21:55:21 GMT+7 (ICT)

MOSCOW (BNO NEWS) -- The president of Bank of Moscow fled Russia while being investigated for illegally granting a $444 million loan, RIA Novosti reported Tuesday.

Police were ready to charge Bank of Moscow President Andrei Borodin with illegally granting a 13 billion ruble ($444 million) loan to Elena Baturina, wife of former Moscow Mayor Yury Luzhkov. The loan allegedly connected to an inflated purchase of land in Moscow owned by Inteco, Baturina's construction and real estate firm.

"Last week the police asked the court to relieve Borodin of his duties after which he was to be charged and a restraint on travel imposed," a police source said.

A Moscow court rejected the request and Borodin then left Russia, the source added.

Banking sources told RIA Novosti that Borodin was in London, where the former mayor and his wife are thought to be resident. President Dmitry Medvedev fired Luzhkov last fall after corrupt connections between the City Hall and Inteco were exposed.

The Bank of Moscow said Borodin was on sick leave.

Investigators raided Premiere Estate, a property company owned by Baturina, in February as part of a probe into misuse of Moscow city funds in connection with the loan. Police also raided the Bank of Moscow and the homes of some of its directors.

Also in February, Russia's second largest bank, state-controlled VTB announced a gradual acquisition of Bank of Moscow, the capital's investment vehicle. VTB now owns a 46.48% share in Bank of Moscow and plans to gain a 100% control.

-- © BNO News All rights reserved 2011-04-05

[lonewolf99]

Has he fled to Pattaya...by any chance ?