Rubicon Aero Invest’s Management Awaits Trial in Yekaterinburg

UrBC, Yekaterinburg, June 20, 2018. Sverdlovsk Region’s public prosecution authorities carried a bill of indictment on a criminal case involving two Yekaterinburg residents who used to run OOO Rubicon Aero Invest.

According to the authorities’ press service, the company’s former Director-General and CFO have been charged with abuse of power (Article 201 (Part 2) of the Russian Federation Criminal Code) and large-scale credit fraud (Article 159.1 (Part 4) of the Russian Federation Criminal Code).

The inquest team believes OOO Rubicon Aero Invest was working on a new ten-story apartment building at 20 Scherbakov St between February 2010 and October 2015 using their private investors’ (i.e. future home owners’) funds. The first section of the building got commissioned in December 2011; the second one in December 2014.

The third section was under construction between May 2013 and October 9, 2015.

The accused are believed to have sold two hundred apartments and four units of commercial space in the third section (total worth: more than RUR 782m). However, the amount put on the company’s account only came to RUR 387.8. The rest of the money allegedly got directed to project-unrelated needs, including finishing the earlier sections of the building.

This means RUR 548.7m worth of damage got done to the private investors.

The DG and the CFO are also believed to have presented a local bank with misrepresented facts when applying for a credit line for their business, so they are now charged with embezzlement of RUR 60m of the bank’s money.

The case-related files have been placed with Yekaterinburg’s Chkalovsky Court.

Other materials on the topic::