Former top manager of British Otkrytie sentenced to 12 years

Former top manager of British Otkrytie sentenced to 12 years
George Urumov

George Urumov has not repented of his actions, and tried to frame other bank employees not involved in the crime during the trial.

The Royal Court of London's Southwark has sentenced former Manager of Otkrytie FC's British branch office George Urumov to 12 years in prison. In passing sentence, the court took into account that Urumov has not repented of his actions and tried to put the blame on other bank employees, treating what was happening "with disdain and indifference.” 

As Kommersant reports, Urumov has been found guilty of embezzling 178 million dollars from the bank. He stole the money in collusion with former Threadneedle Asset Management's broker Vladimir Gersamia, sentenced to 7 years in prison the same day. According to the indictment, the persons involved in the case used to make transactions with securities, carry out machinations with bonuses, and launder monetary funds.

The trial against 37-year-old Urumov and 33-year-old Gersamia lasted four months, during which the defendants were at large, voluntarily attending the court hearings. However, after  Prosecutor Alistair Dixon applied for 14 years of imprisonment for Urumov and 12 years for Gersamia, the defendants were taken into custody and escorted to one of the London prisons. 

According to the outlet, there are two criminal episodes in the case of the manager of Otkrytie's British branch. According to the first, in 2011, Urumov appropriated and move out to offshore bonuses in the amount of 25 million dollars, entitled to him and four of his colleagues and issued for the transfer from Knight Capital finance company. 

The second episode, which also occurred in 2011, concerned the swindling with the Argentine securities, which were purchased by Urumov with the bank's money at a considerably inflated price (213 million dollars), whereas their actual cost was 63 million dollars.

Thus, Urumov claimed that he had acted in the interests of a third party, however, it was the Otkrytie's affiliate company which suffered losses. Participants of the criminal conspiracy transferred the profit resulting from swindling through offshore companies out to Swiss banks, and used it to purchase real estate in London.

Chairman of the Otkrytie Holding's board Aleksey Karahan has commented on the verdict of the London court, noting that the financial institution is satisfied with the sentence.

It is worth noting that after London arbitration court found Urumov and his accomplices guilty of fraud with bonuses and securities 3 years ago, the bank managed to return assets valued at approximately 100 million dollars, stolen by intruders. $ 14 million more remains frozen in bank accounts in Switzerland and Spain.

Tags: Courts Banks


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