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Russian Tycoon Yevtushenkov's House Arrest Upheld

The Moscow City Court upheld a lower court's decision to put one of Russia's richest men, Vladimir Yevtushenkov, under house arrest.

The ruling was issued on September 25, the day of Yevtushenkov's 66th birthday.

According to the ruling, the decision to hold Yevtushenkov under house arrest until November 16 remains unchanged.

Yevtushenkov is also barred from going to his workplace and making calls.

Yevtushenkov is the main shareholder of Moscow-based AFK Sistema investment group.

The company's shares took another plunge after the court's decision. Sistema stock had fallen by about 30 per cent after the initial arrest last week.

Yevtushenkov was arrested and charged on September 16 with money laundering in a deal to acquire a regional oil company five years ago.

He denies the allegation.

Based on reporting by Interfax, Reuters, and ITAR-TASS