Thursday, September 21, 2017

Moscow authorities search for former Rosneft executive Valery Kardanov

Police in Moscow are searching for former Rosneft senior executive Valery Kardanov on suspicion of embezzling during his employment at the Russian oil giant.

Kardanov is suspected of embezzling a resort facility and four luxury vehicles prior to his resignation from Rosneft's Kabardino-Balkaria Republic subsidiary in late 2012. In total, police estimate the former executive's activities cost the company approximately $31 million, RIA Novosti reports.

Officials believe that Kardanov leveraged his executive position at Rosneft to facilitate the illegal purchase of the oil company's state-owned resort in Mount Elbrus to an unauthorized third party. Police further suspect Kardanov worked with a group of unnamed associates to embezzle four luxury vehicles from Rosneft's KBTK subsidiary.

Kardanov has been arrested in absentia and placed on Interpol's wanted list. Presently, two fraud cases have been opened on him, according to RIA Novosti.