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Russia Arrests Rusnano Senior Official for Corruption - ASHARQ AL-AWSAT English Archive
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Russian law enforcement agencies have detained a senior official at state technology corporation Rusnano on suspicion of misusing company funds, an investigative committee said on Saturday.

Andrei Gorkov, a managing director at Rusnano’s investment division, is suspected of placing the company’s funds in a bank that later lost its license, with the aim of then financing the bank’s activities in 2011-2013.

The bank’s license was revoked in 2014, resulting in Rusnano losing more than 738 million rubles ($13 million). Shortly before the license was canceled, the bank transferred 400 million rubles worth of real estate assets to Gorkov’s brother, the investigators said.

Rusnano was set up in 2007 to invest in promising high-tech firms and help Russia diversify away from its economic dependence on energy.

But over the past several years it has been dogged by suspected mismanagement of its funds and by fraud investigations.

Asharq Al-Awsat English

Asharq Al-Awsat English

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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