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Ukraine's ex-finance minister arrested on fraud, embezzlement charges

By Amy R. Connolly
Yuri Kolobov, Ukraine's former finance minister, was arrested in Spain on Wednesday. He is wanted for large-scale fraud. Photo courtesy of Interpol.
Yuri Kolobov, Ukraine's former finance minister, was arrested in Spain on Wednesday. He is wanted for large-scale fraud. Photo courtesy of Interpol.

MADRID, March 5 (UPI) -- Ukraine's former Finance Minister Yuri Kolobov, who is wanted in connection to alleged fraud and theft of millions in public funds, was arrested in Spain on Wednesday.

Ukrainian officials said Kolobov worked in conjunction with President Viktor Yanukovych, former Prime Minister Mykola Azarov and Georgy Dzekon, the former head of Ukrtelecom, a telecommunications company, to pilfer millions in public funds. Officials are now working to find the missing money. Yanukovich was forced out of power in 2014.

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"We confirm the information that [Mr Kolobov] has been detained," the interior ministry said without giving any details on the circumstances of his arrest.

Kolobov, 41, served as finance minister from 2012 to 2014.

He was arrested in a luxury apartment near the Mediterranean coast and is expected to be extradited.

Authorities said Yanukovych is in Russia, as he had close ties with President Vladimir Putin during his tenure.

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