MOSCOW. Oct 26 (Interfax) - The Moscow City Court has upheld the ruling to arrest Mikhail Bolotin, the founder and former CEO of Concern Tractor Plants, who is charged with embezzlement.
"The Moscow City Court upheld the court ruling under which Bolotin is remanded in custody until November 9," the court's press service told Interfax.
Earlier, the Lefortovsky District Court arrested the businessman at the request of the Russian Federal Security Service.
Along with Bolotin, Mikhail Shkolnik, deputy head of the concern for corporate finances and economy, and Irina Vostorgina, head of the concern's treasury, were also taken into custody.
All of the defendants are charged with gross misappropriation or embezzlement. If found guilty, they face up to ten years in prison each.
The court did not specify the details of the case.
However, according to media reports, Bolotin is charged with events that occurred in 2014-2015, associated with the execution of a state contract for pilot batches of infantry fighting vehicles and armored personnel carriers of the prospective project Kurganets. The Defense Ministry paid the plant more than 5.2 billion rubles in advance.
Bolotin became president of Concern Tractor Plants in 2006. He was its general director in 2007-2018.