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Russia Arrests Rosprombank Head On Embezzlement Charges


Russia's Central Bank revoked Rosprombank's license in September 2016.

The president of Russia's troubled Rosprombank has been arrested on suspicion of embezzling some 756 million rubles ($12.8 million).

The Investigative Committee announced on November 22 that a court had sanctioned the arrest of Sergei Salogubov and ordered him held in custody pending trial.

Russia's Central Bank revoked Rosprombank's license in September 2016.

According to prosecutors, the state deposit-insurance agency found the bank's managers failed to turn over documentation on more than 1 billion rubles ($17 million) worth of loans and other contracts.

At the time, Rosprombank was Russia's 323rd-largest bank, holding 2.9 billion rubles ($50 million) in deposits. It was a subsidiary of the Cyprus-based Popular Bank, which went bankrupt in 2013 as a result of the global financial crisis.

With reporting by RIA Novosti, Interfax, and Eurasia Daily
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