Sverdlovsk Region’s division of the Ministry of Internal Affairs’ investigative authorities initiated a preliminary criminal lawsuit against one of Oreolcombank’s BOD members. The charge is based on Article 210 of the Russian Federation Criminal Code (setting up an organized crime group). The executive is suspected of embezzling 2 billion RUR from the business’s proprietors and is on the international wanted file at the moment, a representative of the regional law-enforcement agencies explained to Novosti Information Agency.

In the meantime, Oreolcombank had its name officially changed to Sberinvestbank (AVS Group’s partner) in April 2005. The decision to this extent was made at the stockholder’s general meeting.

‘The suspect is believed to have done the proprietors 2 billion RUR worth of damage by intentionally making insolvent twenty large regional enterprises between 2000 and 2007; the bankrupt companies’ assets were then plundered by the suspect and his accomplices,’ the representative said.