Otkritie Seizes House

Otkritie Financial can seize a London property valued at about £20 million ($32 million) as part of a fraud lawsuit against George Urumov, one of its former senior bankers.

Otkritie, a brokerage part-owned by VTB Group, is suing Urumov, his wife and several affiliated companies in a London court over an alleged $160 million fraud involving Argentine warrants and thefts of bonuses meant for colleagues.

The St. John's Wood-area house was bought with "ill-gotten gains," said Paul McGrath, a lawyer for Otkritie. Urumov, the former global head of fixed income at Otkritie, was arrested by London police investigating the fraud in October. He denies the allegations, according to his attorney Robert Weekes.

(Bloomberg)

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