Welcome!

News Feed Item

Former Russian Senator Denies Allegations of Intentional Bankruptcy and Misappropriation

LONDON, February 4, 2014 /PRNewswire/ --

 

Moscow appellant court upholds the refusal of district court to arrest Sergei Pugachev

The Moscow City Court on Monday upheld the refusal of the Basmanny District Court to arrest businessman Sergei Pugachyov, a former Russian senator and founder of International Industrial Bank (IIB), in absentia. Investigators allege Mr. Pugachev was involved in misappropriation of funds and the intentional bankruptcy of IIB. In a statement released today, Mr Pugachev denies involvement in any wrongdoings.

Lawyers for Pugachev argue that the legal proceedings have been replete with irregularities, and the wrongful application of law enforcement agencies to solve commercial disputes, echoing the experience of high profile Russian businessmen such as Mikhail Khordorkovsky.

Under Russian law, the charges brought against Mr. Pugachev are associated with business activities, and recourse for arrest in absentia is not available. Despite these provisions, the Basmanny District Court granted an arrest warrant late last year. Defence counsel successfully argued that there were serious problems with the decision, and the ruling was quashed on appeal. A further attempt to have the Basmanny Court grant an arrest warrant was denied in January 2014. The Moscow City Court's decision today to uphold the refusal of the lower court highlights once again the highly irregular manner in which the justice system has been used in this matter.

The charges against the former politician were met with surprise by many, given the widely held belief that Mr Pugachev, who served in the Russian Senate from December 2001 to January 2011, was close to both former President Boris Yeltsin and to current President Vladimir Putin.

Speaking for the first time about the matter, Sergei Pugachev commented:

"In the last few years, law enforcement agencies have become the main tool for solving commercial disputes in Russia. Ever since I left the country, every one of my main domestic assets has been facing raiding attempts or expropriation. I have also been on the receiving end of threats and attempts at extortion. The unsubstantiated criminal allegations against me are consistent with that.

The International Industrial Bank was founded by me more than 20 years ago but after I disposed of my shares over ten years ago, I no longer had any involvement, let alone control over its activities. If its bankruptcy was indeed intentional, it would have to have been instigated by the Russian Central Bank, which closely supervised its activities, and the Central Bank's Chairman."

The case re-ignites the public debate about the Russian justice system and its impact on doing business in the country, at a time when Russia is in desperate need of inward investment. The pardoning of Mikhail Khordorkovsky late last year and the release of his business associate Platon Lebedev in January had been interpreted as signs Russia's authorities were taking steps to appease international opinion. The authorities' continued pursuit of Mr Pugachev, along with his statement made today that his domestic assets have been subject to raids and attempts at expropriation, goes against this trend.

In an interview on 15 January 2014 with Radio Ekho Moskvy, counsel for the defence Aleksandr Gofstein said that Sergei Pugachev will plead not guilty and the prosecution does not have sufficient evidence, "The fact is that there was no crime, and that's why there is no documentary evidence of criminal activity."

 


SOURCE Press Office for Sergei Pugachev

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
The technologies behind big data and cloud computing are converging quickly, offering businesses new capabilities for fast, easy, wide-ranging access to data. However, to capitalize on the cost-efficiencies and time-to-value opportunities of analytics in the cloud, big data and cloud technologies must be integrated and managed properly. Pythian's Director of Big Data and Data Science, Danil Zburivsky will explore: The main technology components and best practices being deployed to take advantage...
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
Nicolas Fierro is CEO of MIMIR Blockchain Solutions. He is a programmer, technologist, and operations dev who has worked with Ethereum and blockchain since 2014. His knowledge in blockchain dates to when he performed dev ops services to the Ethereum Foundation as one the privileged few developers to work with the original core team in Switzerland.
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER gives detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPOalso offers sp...
Today, we have more data to manage than ever. We also have better algorithms that help us access our data faster. Cloud is the driving force behind many of the data warehouse advancements we have enjoyed in recent years. But what are the best practices for storing data in the cloud for machine learning and data science applications?
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science" is responsible for guiding the technology strategy within Hitachi Vantara for IoT and Analytics. Bill brings a balanced business-technology approach that focuses on business outcomes to drive data, analytics and technology decisions that underpin an organization's digital transformation strategy.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...