PRESS: Russian court arrests UK castle of ex-banker Borodin

MOSCOW, May 12 (PRIME) -- The Tverskoi District Court of Moscow has arrested luxurious real estate of former CEO of the Bank of Moscow Andrei Borodin in the U.K., business daily Kommersant reported on Thursday.

Borodin bought the real estate Park Place with a 300-year old castle for 140 million British pounds in 2011, which is estimated as the most expensive housing outside London.

The investigators said that the banker probably invested funds stolen from the Bank of Moscow in the castle.

Lawyer for Borodin Mikhail Dolomanov told Kommersant that the decision of the court had no legal grounds and that he sees the accusations against his client as absurd. He also said that a criminal investigation against Borodin was earlier suspended, which is why the court has no right to arrest the property.

The Bank of Moscow, an investment vehicle of the Moscow government during former Mayor Yury Luzhkov’s term in office, is now being bailed out by VTB Bank. Borodin and his deputy Dmitry Akulinin were accused of embezzlement of 12.5 billion rubles. Borodin later received a political refugee status in London.

(66.2428 rubles – U.S. $1)

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