Bogdanovich Porcelain Works CFO charged with fraud

3 May 2007 (13:24)

The officers from the local division of the Ministry of Internal Affairs and the regional law-enforcement officers have recently taken a number of steps aimed at preventing economic crimes in the area; this has resulted in disclosing a series of financial frauds attributed to Bogdanovich Porcelain Works CFO. This executive is believed to have stolen 23 million RUR belonging to the company by transferring this money in the form of bill payments into the accounts of a fictitious firm that had allegedly sold the plant top-of-the-range equipment which, in fact, turned out to be a pile of good-for-nothing scrap metal. This gerrymandering led to a huge increase in the company’s debts and its subsequent insolvency. The fraudster was detained in Yekaterinburg-based Koltsovo airport when trying to leave the country. He was charged with fraud and now faces up to ten years in prison and a fine of up to 1 million RUR. The police keep investigating the case.


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