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Court Delays Tycoon Yevtushenkov's Appeal Hearing

Vladimir Yevtushenkov
Vladimir Yevtushenkov

A Russian court has delayed until September 25 a ruling on an appeal by billionaire tycoon Vladimir Yevtushenkov, who is under house arrest on money-laundering charges.

The court said on September 24 that Yevtushenkov's representatives had offered to pay 300 million rubles (nearly $8 million) in bail for his release.

Judge Yury Pasyunin said proceedings had been adjourned to enable additional documents to be considered.

Yevtushenkov, 65, is the main shareholder of Moscow-based AFK Sistema investment group.

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

Yevtushenkov denies the allegation.

Yevtushenkov's arrest sent shock waves through Russia's business community, drawing comparisons to the arrest of tycoon Mikhail Khodorkovsky in 2003.

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