Support The Moscow Times!

Ex-Shareholder Accused of Bilking Major Ammo Plant

A firing range at the Klimovsk Specialized Ammunition Plant.

An unemployed former shareholder of a major ammunition plant in the Moscow region is suspected of embezzling 25 percent of its shares, police said Wednesday.

The suspect, a 48-year-old man whose identity hasn't been revealed, is accused of forging documents together with a group of other unidentified former shareholders to obtain 25 percent of the shares in the state-owned Klimovsk Ammunition Specialized Ammunition Plant, one of the country's biggest ammunition producers, police said in a statement.

The suspect has been arrested on fraud charges, which carry a punishment of up to 10 years in prison, while his accomplices remain at large.

Damages from the theft are estimated at more than 52 million rubles ($1.7 million), police said.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more