Saturday, August 19, 2017

Austria to extradite Russian bank chairman on embezzlement charges

Last week, Austrian law enforcement authorities announced that they will extradite former BOD Bank VEFK-Ural Chairman Alexander Gitelson to Russia to face embezzlement charges.

Gitelson is accused of using forged documents to embezzle $80 million from Bank VEFK between May 2007 and October 2008. Bank VEFK-Ural declared bankruptcy in 2009, Ural Business Consulting reports.

Gitelson fled to Austria in 2008 after being confronted by the Inkasbank supervisory board who attempted to recover $60 million at the time. Gitelson was arrested by Austrian authorities in April 2013, according to Ural Business Consulting.