Russian Technologies' Subsidiary in $685K Embezzlement Case

Investigators raided the offices of a subsidiary of state-owned Russian Technologies after uncovering an embezzlement scheme of over 21 million rubles ($685,400), the Interior Ministry said in a statement on its website Monday.

The Interior Ministry's economic security division says that in 2012, the CEO of the "Temp" military enterprise ordered the transfer of over 21 million rubles to two commercial contractors for repair and construction works that were never actually carried out.

"Police have opened a criminal case against the CEO on the charge of embezzlement, which carries a maximum sentence of 10 years in prison and a fine of up to 1 million rubles," the statement said.

As part of the investigation, police searched the company's offices and seized accounting documents, electronic data storage devices and other items relevant to the investigation.

The investigation is still under way.

Related articles:

Read more