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Report: Russia issues international arrest warrant for Master-Bank head

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Report: Russia issues international arrest warrant for Master-Bank head

Moscow'sTverskoy District Court issued an international arrest warrant for BorisBulochnik, the former management board chairman of bankrupt lender , who is accusedof deliberately leading the lender to bankruptcy, Kommersant reported April 13.

Bulochnik'slawyer said his client plans to appeal the court decision.

Bulochnikleft Russia almost immediately after the lender lost its in November 2013 and is believedto be residing in Ukraine.

Thepolice launched a criminal investigation against former executives ofMaster-Bank in 2015. Investigators established that the lender issued dubiousloans to 170 individuals and 200 companies between August 2012 and August 2013.As it later turned out, individuals named in the loan contracts apparently didnot actually sign them, while companies involved in the scheme were fictitious.

As of April 13, US$1 wasequivalent to 65.56 Russian rubles.