Topic: Sergei Storchak

Sergei Anatolievich Storchak (Russian: Сергей Анатольевич Сторчак) (born June 8, 1954 in Olevsk, Zhytomyr Oblast, Ukraine SSR) is a Deputy Finance Minister of Russia. Storchak became one of Russia's three deputy finance ministers in November 2005. He has specialized in international financial relations, and has been a prominent figure in negotiations over paying off Soviet-era debt. He negotiated Russia's repayment of its debt to the Paris Club of creditor nations, which it completed last year. Storchak also oversees the $148 billion stabilization fund, which collects revenues from oil exports.

On November 15, 2007, Storchak was detained by the Russian police as a part of a criminal investigation. "The detention took place outside the ministry. It may be related to criminal cases against a third party, not finance ministry officials," the ministry said in a statement. Prosecutors later confirmed the detention of Storchak and two businessmen on suspicion of "attempting large-scale embezzlement from the Russian state budget through fraud".

The two businessmen were later confirmed as Viktor Zakharov, general director of Sodexim, a little-known Moscow-based firm; and Vadim Volkov, president of the Interregional Investment Bank (MIB) in Moscow. MIB labels itself as "one of the largest investment banks of the Russian Federation" /.../ "Basic credit and investment activities are shipbuilding, development of mineral deposits, high technologies". Sodexim, which organized a Russian medical equipment exhibition in Baghdad in 2002, is listed on MIB's web site as one of its top clients. It undertakes "various trade operations" and carried out 13 million rubles ($530,000) worth of business last year, Interfax news agency said.