Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Bank Officials To Face Trial

Four high-ranking Central Bank officials are to be tried for corruption involving loans worth more than 5 billion rubles ($20 million at 1992 rates), a spokesman for the police said Friday.

Ravil Setdikov, head of the Bank's Central Operating Board and his deputies Raisa Turova, Valentina Popruga and Vladimir Martynov allegedly granted the credits on easy terms and at a reduced interest rate to a number of businesses in 1992. At the time such credits could only be granted to state enterprises.

Leonid Titorov, a senior investigator, said the bankers were arrested in 1993 and have since been held in Moscow's Lefortovo prison.

The investigation was recently completed and the case was forwarded this week to Moscow City Court, he said.

Central Bank officials were not available for comment.

But Interfax quoted Rinat Setdikov, a brother of Ravil Sitdikov and a deputy chairman of the Central Bank, as saying that the case is a frame-up.