Russian billionaire accused of embezzlement to remain in prison

The Moscow City Court upheld a decision to extend the detention of former senator and billionaire Gleb Fetisov, who is accused of embezzlement of funds from a bank he owned, the Russian media reported May 30.

“The court rejected an appeal filed by Fetisov’s attorneys. The defence had asked to release him on bail or place under house arrest,” wrote RAPSI Russian legal information service.

In January, Russia’s Central Bank revoked My Banks license after an investigation found that Fetisov had allegedly been signing loan agreements with fake companies for the past three years. A spokesman for the investigative committee said that the Deposit Insurance Agency would cover the losses to My Bank’s clients. The Central Bank estimates that insurance payments to clients will cost RUB 6.5 bln (approx. EUR 137 mln).

Photo courtesy of Dmitry Averin.