Total embezzlement in Industrial Union of Donbass case reaches $1.2bn

Total embezzlement in Industrial Union of Donbass case reaches $1.2bn
Oleg Mkrtchan Photo: Valery Belokryl / Kommersant

Back in February, the media reported that the damage was estimated at 1 billion rubles ($14.4 million).

The Investigative Committee has completed the investigation into the case of Oleg Mkrtchan, the founder of Industrial Union of Donbass (IUD). The amount of embezzlement has increased from 1 billion rubles to 85 billion, Kommersant reports. 

The entrepreneur has been charged. According to the investigation, the money was stolen during the implementation of the contract with Vnesheconombank (VEB). Publication sources note that during interrogations and confrontations with Mkrtchan, VEB representatives denied the fact of embezzlement and refused to consider themselves to be the injured party. 

After Mkrtchan was detained in February this year, Chairman of the Vnesheconombank Executive Board Sergey Gorkov told RBC that the bank was not an applicant in the criminal case against the head of the IUD. He noted that historically, the bank was the oldest creditor of the Industrial Union of Donbass, however, it had nothing to do with the criminal case as part of which Mkrtchan was detained. 

In turn, Mkrtchan's lawyer Aleksandr Kostanyants claimed that his client denied the fact of theft. In reality, there was a “corporate dispute.” 

“This dispute cannot be considered as a fraud, because in this case there was no embezzlement by deception, these are free economic relations, and it is premature to place [Oleg Mkrtchan] in custody,” the lawyer explained.

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