POST Online Media Lite Edition


Ukraine’s Naftogaz ex-chairman appeals house arrest in embezzlement case

Staff Writer |
Ex-chairman of Ukraine’s largest oil and gas corporation Naftogaz Igor Bakay charged with embezzlement has filed an appeal against a ruling to put him under house arrest, the spokesperson of Moscow’s Tagansky District Court Yulia Sukhinina told RAPSI.

Article continues below

On November 16, the court released Bakay from detention, and placed him under house arrest until January 12, 2018.

Reportedly, Bakay, who held the position of Naftogaz chairman from 1998 to 2000, embezzled money belonging to other persons including Russian billionaire Alisher Usmanov.

The Interior Ministry’s press service reported earlier that Bakay had signed a loan agreement worth over 630 million rubles (about $11 million) with a mining and smelting holding on behalf of his company.

Obligations for repayment of the loan have not been fulfilled. The businessman has administered the funds at his own discretion.

What to read next

Naftogaz, Ukrtransgaz, Snam, and Eustream deal for Ukraine’s gas network
Ukraine's Naftogaz demands $5 billion from Russia
Naftogaz will demand $2.6bn from Russia for stolen assets in Crimea