Moscow Court Sentences Intertorg Executives to Prison for Embezzling 8.5 Billion Rubles from Sberbank

Former Spar store chain executives in Russia sentenced to prison for embezzling over $100M from Sberbank, highlighting efforts to combat financial crimes in the business sector.

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Emmanuel Abara Benson
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Moscow Court Sentences Intertorg Executives to Prison for Embezzling 8.5 Billion Rubles  from Sberbank

Moscow Court Sentences Intertorg Executives to Prison for Embezzling 8.5 Billion Rubles from Sberbank

A Moscow court has sentenced the former co-owner and top managers of Intertorg, which operates the Spar store chain in Russia, to prison terms ranging from 4 to 6 years for embezzling over 8.5 billion rubles from Sberbank.

The defendants, Igor Zacherinsky, Marianna Levintova, and Allahverdi Abdullayev, were found guilty of fraud in the field of lending.

According to the TASS news agency, Zacherinsky, the former co-owner of Intertorg, was sentenced to 4 years in prison. Levintova, a top manager, received a 5-year sentence, while Abdullayev, another top executive, was handed a 6-year prison term. In addition to the prison sentences, the court ordered the joint recovery of 800 million rubles from the convicts.

The state prosecution had sought longer sentences for the defendants, requesting 8 years each for Abdullayev and Levintov, and 7.5 years for Zacherinsky. The case was investigated by the Federal Security Service (FSB) in connection with two criminal cases related to a substantial loan of 8.1 billion rubles that Intertorg received from Sberbank.

Why this matters: The sentencing of high-profile executives for embezzlement highlights the ongoing efforts by Russian authorities to combat financial crimes and corruption in the business sector. The case also underscores the risks associated with large-scale lending and the importance of robust oversight in the banking industry.

The court's decision to recover a portion of the embezzled funds from the convicts serves as a partial restitution to Sberbank, which suffered significant financial losses as a result of the fraud. "The court has taken a firm stance against those who abuse their positions of power and trust for personal gain," a spokesperson for the prosecution commented following the sentencing.

Key Takeaways

  • 3 former Intertorg execs sentenced 4-6 yrs for embezzling 8.5B rubles from Sberbank
  • Sentences range from 4 yrs for co-owner to 6 yrs for top exec; 800M rubles to be recovered
  • Prosecution sought longer 7.5-8 yr sentences; case investigated by Federal Security Service
  • Sentencing highlights Russia's efforts to combat financial crimes and corruption in business
  • Court's decision aims to provide partial restitution to Sberbank for significant losses