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The body of the president of the controversial Chara bank, which claims large numbers of the Russian rich and famous among its investors, was found hanged in the office of a central Moscow company Friday, Interfax reported. The cause of death is under investigation.
The corpse of Vladimir Rachuk, 44, was taken to a morgue, according to the report.
Chara, which has betwen 100,000 and 150,000 investors, froze payment of dividends beginning Oct. 18, blaming the ruble's dramatic plunge. However according to Central Bank records the bank's holdings "exceed by eight or nine times the amount necessary to repay clients."
Since the bank's announcement investors have been demanding to know what has become of their money, and a City Duma hearing looked into the crisis.
Chara Bank Boss Found Hanged
26 November 1994
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