Monday, February 21, 2011

Moscow's Yelena Baturina's company investigated by state authorities

According to the Moscow Times, a team of heavily armed police officers raided an office of one of Baturina's construction companies last week.
Beaturina, the wife of former moscow Mayor Yury Luzhkov, is considered the richest woman in russia. She is suspected of embezzlement and fraud.
In the specific case, Baturina founded a company owning some land outside of moscow. The company only held USD 300 own capital in its charter but was able to be granted a loan of USD 440 millions (!) by the bank of moscow to buy the property. A few days later, the property holding company was sold to an english investment company. Curiously, the USD 440 million loan was never paid to the property company but instead appeared  on one of Baturina's private accounts...
At the same time, the case againts Baturina is very weak, since she was the owner of the land in the first place and did pay her taxes upon the 440 millions. The problem is actually only that she was granted a loan of public money to finance the transactions. This is probably too little to have a case against her.
Baturina just used a little "shortcut" since it was her land and money after all. but to do that with public money is a little bold.

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