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Paris Club embezzlement case widens

Dec. 17, 2007 at 11:21 AM   |   Comments

MOSCOW, Dec. 17 (UPI) -- Moscow officials issued an arrest warrant for a fourth suspect in a $43 million embezzlement case from an international debt restructuring fund.

The case centers on allegations against Russian Deputy Finance Minister Sergei Storchak, who is accused of embezzling $43 million from the Paris Club, an informal consortium of international financial officials from the world's leading economic nations examining debt relief and restructuring for indebted countries.

The committee overseeing the case said the new arrest concerned debts relating to the chemical company Sodexim, RIA Novosit said Monday.

Officials detained Storchak Nov. 15 over concerns he would tamper with evidence in the case or intimidate potential witnesses.

The investigating committee also arrested the general director of Sodexim, Victor Zakharov, and Vadim Volkov, president of the Moscow-based Interregional Investment Bank in connection with the embezzlement charges.

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