Alexei Kalinichenko to be dismissed from the Board of Directors at Board meeting

28 August 2006 (14:21)

As the spokesperson for said to UrBC representative, Mr Kalinichenko will have to quit his membership in the bank’s Board of Directors in the nearest future, namely, after the extraordinary meeting of the Board.

UTG (United FX — Traders Group), one of Russia’s largest bookmaking companies, founded and run by Mr Kalinichenko, was reported to be in a financial crises and unable to make dividend payments to its investors in mid-August. On August 18, 2006, the public prosecution authorities of Yekaterinburg started an investigation of Global Gaming Expo after its clients placed a complaint demanding that criminal action with accusation of fraud be taken against the company’s management and founder Alexei Kalinichenko. It appears that the executives of Global Gaming Expo used their clients’ money to gamble on Forex stock exchange on their behalf. Since the company did possess a bookmaking license, all sums were recorded in the accounting documents as wagering stakes.

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