Petrokommerz bank's case: New searches in ex-Chairman’s suburban residence

Petrokommerz bank's case: New searches in ex-Chairman’s suburban residence

During an operation, police officers seized documentation and electronic data carriers from the cottage of Denis Milovidov, the former deputy chairman of the Board and advisor to the President of Petrokommerz.

Searches in the country house of former Deputy Chairman of the Board and Advisor to the President Denis Milovidov were carried out as part of the case of embezzlement of 2.8 billion rubles from Petrokommerz. The ex-banker’s cottage is located in the Odintsovo district in the village of Gorki-2, although Milovidov and his family live abroad most of the time (in Switzerland, according to some information). This is why the operatives found the ex-banker not at home; the searches were conducted in the presence of guards and service personnel, who were in the building. As Kommersant reported, documentation and electronic data carriers, related to Denis Milovidov’s activities in Petrokommerz, were seized in the course of operational activities.

A criminal case of embezzlement under part 4 of Art. 159.1 (Swindling) in the field of crediting was initiated in May 2016 at the initiative of Otkrytie FC, to which Petrokommerz was joined in 2015. According to investigation, in 2012, “unidentified persons from among the heads of Zlatoustovsky Metallurgichesky Zavod (Zlatoust Metallurgical Plant) OJSC (ZMZ)” developed a plan to take possession of the bank’s money by fraudulent means. To get a loan in the amount of 2.8 billion rubles, the plant submitted false information to the credit institution under personal guarantee of the owner Vadim Varshavsky. At the same time, the creditors kept it secret that ZMZ was already a guarantor for almost 1 billion dollars on the loan agreement previously signed with one of the companies belonging to the Mechel GC. After receiving the money, the plant did not return the loan to the lender.

According to investigators, in 2012, it was Denis Milovidov, the then-deputy chairman of the Board and advisor to the President of Petrokommerz bank, who signed the loan agreement with Zlatoustovsky Metallurgichesky Zavod, owned by ex-Deputy of the State Duma and former owner of Estar Group of Companies Vadim Varshavsky at the time.

At the moment, Denis Milovidov is a witness in the case, just as Vadim Varshavsky, whose place was searched at the end of December 2016.

Vadim Varshavsky said he have had nothing to do either with the plant, or with the loan of 2.8 billion rubles since in 2009, and called the guarantee agreement in his name falsified. The businessman referred to the victims’ statements about his involvement in the illegal transaction as to an attempt to "give legitimacy to the loan agreement between Petrokommerz and ZMZ, declared invalid by courts at all levels of the arbitration system and the Russian courts of general jurisdiction.’ According to Varshavsky, the 2.8 billion rubles did not leave Petrokommerz, being transferred to the accounts opened in the same bank by ZMZ, Metallurg-Trast LLC, and Masterking Trading Limited in a single day; the latter returned all the money to various branches of Petrokommerz OJSC CB with 21 payments.

In August this year, the Court of Appeal concluded that the transaction was void, since the money had been returned to Transcreditbank. VTB, in turn, appealed against this decision in the Supreme Court of the Russian Federation.

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