Investigators want RVC CEO Povalko in custody over abuse of power

MOSCOW, Jun 5 (PRIME) -- The investigative authorities have charged Alexander Povalko, CEO of Russian Venture Company (RVC), with abuse of power, and are seeking to put him in custody, lawyer Georgy Antonov told PRIME on Friday.

“The investigation filed a request to the court to use custody as a pre-trial detention measure. At the same time, Part 2 of Article 201 of the Criminal Code … under which the charges were pressed does not encompass this detention measure,” Antonov said.

If the court approves the decision, it will be a serious violation of the law and the law enforcement practice, he said.

The investigative authorities launched an investigation on Wednesday over deals that the company did in 2012–2016, and interrogated Povalko. The investigation may be connected to RVC’s investment in Alion Energy, according to a spokesperson for RVC.

U.S.’ Alion Energy develops and builds solar power plants in different countries of the world. RVC has itself already initiated another investigation of the deal. The investigation believes that co-founder of Bright Capital Mikhail Chuchkevich colluded with the director of RVC’s investment department and provided false information to the board of directors of RVC persuading them to invest in Alion Energy. The invested funds were later withdrawn to the accounts of other companies, inflicting a U.S. $22.7 million loss on RVC.

Alion’s defense said at court in 2019 that it received $70 million of investment from several U.S. and European venture funds. The company has been building and servicing solar power plants in Mexico, Brazil, and India since 2017, and no fund has made any claims against the company outside RVC.

Chuchkevich was arrested on charges of swindling but later released.

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