Co-owner of Ulmart released on bail of $ 370,000

Co-owner of Ulmart released on bail of $ 370,000
Photo: Sergey Konkov / TASS

The court released the businessman accused of credit fraud on bail.

Dmitry Kostygin, one of the owners of the online retailer Ulmart, who was accused of credit fraud, was released from house arrest on bail of 25 million rubles. The sum was contributed by the company Lyubimy Kray (Favorite Land), among the owners of which Kostygin is listed, RBC reports.

“Dmitry is no longer bound by the house arrest and will do his utmost to resolve the conflict situation at Ulmart, including in matters of the company's relationship with creditors,” said Kostygin’s representative.

According to investigators, Kostygin provided Sberbank with false documents and received a loan of 1 billion rubles ($ 15 million) for Ulmart, which he “disposed of at his own discretion.” In April 2016, the entrepreneur stopped paying off the loan, as well as the interest. The debt amounted to 2.5 billion rubles ($ 37 million). In October 2017, the court placed Kostygin under house arrest.

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