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U.S. markets recover from steep losses
MOSCOW, Nov. 23 (UPI) -- An official at Interpol's branch office in Russia said the agency had issued warrants for two former Bank of Moscow executives.
RIA Novosti reported Wednesday that warrants were issued for Andrei Borodin and Dmitry Akulinin, the head of the bank and is top aide, who have been accused of approving hundreds of millions of dollars in fraudulent loans.
The executives allegedly loaned $443 million to shell companies. In time, the funds were funneled to the construction conglomerate Inteco, which was at the time owned by Elena Baturina, wife of former Moscow Mayor Yury Luzhkov.
VTB, a state-controlled bank, has taken over the Bank of Moscow, a move Borodin said was political in nature and ordered by Russian President Dmitry Medvedev.
After resisting the VTB takeover, Borodin sold his shares to Vitaly Yusufov, son of a highly placed Russian official, who sold his shares to VTB.
Yusufov and Medvedev's office have denied the deal was orchestrated by Medvedev.
Borodin is currently living in London. Akulinin has also reportedly fled Russian, RIA Novosti reported.
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