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. Last Updated: 07/27/2016

New EBRD Director

Hans Marje, a Dutchman, will take over the European Bank for Reconstruction and Development's Moscow office in January, according to Rebecca Hill, an EBRD spokeswoman in London.

Marje will replace Goran Segerlund, the current director. Hill did not have additional information about Marje.

Officials in Moscow could not say why Segerlund had been replaced. He was on vacation and could therefore not be reached for comment.

The Russian Information Agency reported that Marje, who speaks Russian, will spend several months in Kazakhstan, beginning in October, where the EBRD plans to enlarge its office.

The EBRD, set up to provide loans to former communist countries in Eastern Europe, has been the subject of international criticism for lavish spending on, among other things, marble for its London offices and for extensive use of private jets by its former president, Jacques Attali.

Attali left office on Friday, the same day an auditor's report slammed the bank for lavish expenditures.

The Moscow office, in its first year, had spent more than $36 million on technical assistance programs, but because of bureaucratic difficulties and other problems, it had disbursed only one loan worth approximately $3. 5 million.