Former Izhmash company director charged with fraud

Former director of the Izhmash company Vladimir Grodetsky has been charged with fraud, the press service of Moscow police told Itar-Tass on Thursday. Preliminary investigation ascertained that the suspect, as a member of the board of Sarapulsky Radio Manufacturing Plant, entered in criminal collusion with unidentified persons from among executives and personnel of the company in 2007 with the view of embezzling funds. Following a report by the administration of the Rostekhnologii corporation, agents of the Interior Ministry’s main department for economic security and combating corruption, jointly with the Federal Security Service exposed facts of embezzlement at the Izhmash company, which is part of the corporation. Grodetsky signed a contract to sell 100 percent of shares of the SintezProyektFinance private company for 70,000 /approximately 2,258 US dollars/ roubles through a network of organizations under his control. "The real price of the building in Moscow which was property of the joint-stock company as of the time of the transaction reached over 72 million roubles /2,322,580 US dollars/," the Interior Ministry said. Earlier this month, criminal proceedings were opened against grand fraud. "The searches at the suspects' apartments and offices found documents which have significance for the probe," the Interior Ministry said.