Vnesheconombank top manager sentenced to 4 years and fine of half a million rubles for swindling

Vnesheconombank top manager sentenced to 4 years and fine of half a million rubles for swindling
Ilgiz Valitov

The Former Head of the Directorate of Natural Resources and Construction at Vnesheconombank state corporation Ilgiz Valitov has been sentenced to four years in prison in the Rostov region.

The court found that Valitov had stolen 49% of the common shares of Metall-Don and Irdon LLC. Later, he sold them to a member of the Gazprom Board of Directors, former Minister of Property Relations of the Russian Federation Farit Gazizullin for 100 thousand dollars. As a result, Ilgiz Valitov has been convicted in a special manner due to cooperating with the investigation and fully confessing to the crime.

According to the press secretary of the Shakhty City Court of the Rostov region Elena Sotnikova, trial in the case of Ilgiz Valitov was held in a special manner. This was made possible after the signing of plea bargain and confession of guilt by the accused person. It should be noted that Mr. Valitov appeared before the court as the Executive Director of China Finance Strategies.

In Elena Sotnikova's words, charges against the VEB top manager refer to the period when the defendant held senior positions in the state corporation. As for the trial, Shakhty had been chosen as its location due to the fact the injured companies Metal-Don and Irdon LLC are registered there.

According to investigative bodies, in 2007, a credit line for Russia's largest producer of turkey, Evrodon company, located in Shakhty, was opened in Vnesheconombank. Ilgiz Valitov was project coordinator; he has headed the Department of VEB Regional Development since 2010.

As Ilgiz Valitov had told to the owner of Evrodon Vadim Vaneev, transfer of shares of all the companies part of the holding to the offshore company Brimstone Investment, registered in Belize, is one of the prerequisites of granting credit means to organization. Businessman fulfilled the conditions. Company shares were routed offshore at face value of 4 thousand rubles. Vadim Vaneev, the main owner of Evrodon, later told media he took the deal because he believed that the sale of securities would be made in favor of the state corporation.

In addition, 49% shares of Metall-Don, engaged in manufacture of metal structures and sandwich panels, and 49% shares of Irdon construction company were sold at face value to offshore.

An additional agreement with the lender was concluded on this issue. However, as follows from the case, "understanding the prospects of these companies development", Ilgiz Valitov decided to defy the principles of corporate ethics, and enrich himself in a criminal way. To do this, he developed a plan for the sale of these shares to a third party for 100 thousand dollars. He struck that deal in 2012, spending the money received at his own discretion.

Member of the Gazprom Board of Directors, the former Minister of Property Relations Farit Gazizullin, bought these securities. However, according to investigation, the former official was not aware of Ilgiz Valitov's criminal intention. In this regard, the investigation had no questions to the former minister. As for Ilgiz Valitov, law enforcement officers qualified his actions in accordance with part 4 of Art. 159 of the Russian Criminal Code (Swindling on an especially large scale). 

This criminal case was considered in the Shakhty City Court for two days. Ilgiz Valitov was found guilty and sentenced to four years in prison and a fine of 500 thousand rubles. In addition, the court imposed a ban on banking activities for 1 year after serving the sentence. Given that Valitov has been in custody since February, he will be able to submit an application for release on parole in a year and a half.

It should be added that the criminal proceedings, under which Ilgiz Valitov has been convicted, is an episode of a high-scale investigation into the Evrodon property embezzlement held by the FSB. Meanwhile, according to his lawyer Tagir Samakaev, the investigation had no other claims to his client. Law enforcement officers continue the investigation, while Evrodon representatives have refused to comment on the verdict rendered by the court.

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