CEO of the Territorial Wholesale Generation Company #2 suspected of stealing millions of rubles, arrested in Bucharest
Machinations in the fuel-power sector of Russian regions will be examined in Romania.
Recently it came to public that on May 23, 2016, based on an Interpol warrant, Andrey Korolev, Principal of the Territorial Wholesale Generation Limited Liability Company #2 (TGC-2) was detained in Bucharest. Police Inspectorate of Romania announced this officially and added that the Bucharest Court of Appeal has detained the Russian native for 30 days. The Prosecutor General’s Office of the Russian Federation hasn’t submitted an extradition request for the suspect Korolev yet, and the local lawyers hope to appeal their client’s arrest stating that he was not hiding and stayed in Bucharest for medical treatment.
Meanwhile, Andrey Korolev, Principal General of TGC-2, is charged in absentia by the Russian Ministry of Interior Affairs (MIA) Administration for the Tver Region based on part 3 of Article 159.4 (Business fraud) and Article 201 (Abuse of power) of the Russian Criminal Code.
A criminal case against principal of a major heat and power company of Northwestern and Central Federal Districts of Russia has been personally initiated by the Head of Tver Investigation Unit based on operative information provided by the regional department of the General Administration for Economic Security and Combatting the Corruption of MIA.
The investigation believes that the Territorial Wholesale Generation Company #2 rented out the regional power generation complex producing heat and hydro for several Russian regions to Tver Public Utility Systems Open Joint Stock Company (TPUS). However, TPUS, instead of paying bills of its gas vendor, Gazprom Mezhregiongaz Tver Limited Liability Company, had been transferring almost all profits to TGC-2; as a result, TPUS accrued huge debts which resulted in its bankruptcy. The investigation believes that Andrey Korolev and his accomplice Dmitry Morozov, Head of the General Administration of the Tver Region Power Company, are responsible for these machinations in the public utilities sphere and fuel-power sector. Dmitry Morozov is detained and actively collaborates with the investigation; his criminal case is being held separately.
Similar schemes of funds withdrawal from the fuel-power sector have been discovered in Yaroslavl, where TGC-2 also has an office. Local law enforcement authorities initiated a criminal case of fraud in excess of 3 billion rubles, and so far Andrey Korolev is a witness in this case.
The management of Territorial Wholesale Generation Company #2 believe that all claims against their Principal General are groundless. The Russian attorney for Andrey Korolev states that the criminal case against his client was initiated only with the purpose to strengthen the position of Gazprom Mezhregiongaz Tver Company which has filed debt recovery claims in the arbitration court. However, VTB Bank also has claims against the Principal of TGC-2. In the past, Andrey Korolev received, under his personal guarantee, several credits for TGC-2 totaling 9.8 billion rubles. After all repayment deadlines passed, the Bank filed a debt recovery claim to the arbitration court. Meshansky District Court of Moscow adjudged to recover the company debts from Andrey Korolev as the personal guarantor of TGC-2.
VTB Bank press center reported that after the arrest of TGC-2 Principal in Bucharest, the Bank will continue seeking full repayment of the credits in accordance with Russian legislation.
The investigation believes that if Andrey Korolev is extradited, he would appear before the court very soon based on evidence provided by his accomplice Dmitry Morozov.
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A criminal case under part 3 of Art. 159 of the Russian Criminal Code has been initiated against two officers of the Dagestan MIA Criminal Investigation Department. It was previously reported about the detention of Head of the Dagestan MIA Criminal Investigation Department Organized Crime Investigation Division, Colonel Khaybula Ibnukhadzharov.