VOLGOGRAD, February 6, 2012: Volgograd's court has sentenced two executives of a regional venture fund over a 110-million ruble ($3.64 million) embezzlement, RAPSI legal news agency said on Monday quoting the regional investigation committee.
Sergei Glembo, deputy director of I-Man-Capital firm which manages the fund, was sentenced to four years in a penal colony and taken into custody in the courtroom. The company's CEO, Oleg Kachanov, was fined 750,000 rubles ($24,800).
According to investigators, the defendants withdrew the fund's money to shell companies that were under their control. The company's management also provided false information by overstating the firm's assets twice to win a bid in 2008 to control the fund.The venture fund of the Volgograd region was founded in 2006 to support small businesses focused on high technologies. The fund's budget formed in 2009 was to consist of 140 million rubles from the federal and regional budgets and the same amount attracted by the managing company. I-Man-Capital had not started working and investigators initiated checks which elicited the violations.
SOURCES : Ria Novosti
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