Bank VEFK former Chairman to stay in custody until October 26, 2009

Mosgorsud (Moscow Municipal Court) ruled that Bank VEFK former BOD Chairman should stay in custody until October 26, 2009, ITAR-TASS reports.

The bank’s former BOD Chairman A. Gitelson, the bank’s Chairman of the Supervisory Board Vitaliy Ryabov, and Ryabov’s deputy Ivan Bibinov are accused of two instances of large-scale embezzlement committed by an organized group. The charges are based on the corresponding article of the Russian Federation Criminal Code.

The investigative team believes the accused embezzled Bank VEFK’s funds twice over the years 2007 and 2008, stealing over one billion rubles altogether.


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