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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Russia investigates Bank of Moscow over loan AFP - 34 minutes ago Send IM Story Print Russia investigates Bank of Moscow over loan MOSCOW (AFP) - – Russian law enforcement officials have opened a criminal investigation into a top Russian bank owned by the Moscow city government, the Kommersant business daily reported Wednesday. The probe into the Bank of Moscow, which has been majority-owned by the city since 1995, is linked to a 12.76-billion-ruble (415-million-dollar) loan the bank issued to a little known firm in 2009, Kommersant said. That company then went on to purchase a plot of land at what investigators believe was an inflated price from Yelena Baturina, the wife of the now-deposed mayor of Moscow, Yury Luzhkov. Baturina has risen to become Russia's richest woman according to Forbes magazine on the back of Moscow real estate contracts awarded to her Inteko construction firm. But the company has been riddled with debt since the 2009 financial crisis. The Financial Times reported that the transaction took place on the same day as the Moscow city parliament approved a 15-billion-ruble transfer to the Bank of Moscow. Russia's interior ministry is now checking to see whether the funds were transferred to help Baturina settle her debts, the Financial Times said. A spokesman for Baturina's company told the Interfax news agency Wednesday that the land deal was "completely legal" but provided no further details. Luzhkov became mayor of Moscow in 1992 and eventually established himself as one of Russia's most powerful regional bosses. But he lost a political tug of war with the Kremlin and was fired by President Dmitry Medvedev in September. The bank is also being probed by the country's audit chamber -- with both investigations launched since Luzhkov's ouster. "The Bank of Moscow financed all of Moscow's major economic projects, which is why is why we are checking all the funds that flowed from the bank to the city," audit chamber chief Sergei Stepashin was quoted as saying by Interfax. He said the initial results of the audit chamber's investigation would be made public this month. The Russian media reported this month that Baturina has been negotiating to sell her company. Inteko officials have refused to publicly comment on the reports. The investigation surfaced amid attempts by Russia's VTB bank to acquire the Moscow lender. The Bank of Moscow has accused VTB of making a series of false allegation about the bank that are meant to help reduce its eventual acquisition price. VTB executives this month said they had questions about the Bank of Moscow's ownership structure and whether some of its city assets were in fact privately held. The Bank of Moscow reports on its website that it is Russia's fifth-largest bank in terms of assets and capital. It also says that the Moscow city government owns 46.48 percent of the bank directly and 17.32 percent indirectly through another city-controlled firm. Recommend Send IM Story Print News Search Top Stories Russia investigates Bank of Moscow over loan Zsa Zsa Gabor's prince glues own eye shut Obama congratulates Iraq on new government Fears grow of euro-style debt crisis in US states Europe airport chaos slammed as snow misery grows More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended US gets tough on shark fins Lunar eclipse makes memorable solstice Japan bio-scientists produce 'singing mouse' Brazil overtakes Germany as 4th biggest car market Autistic children lack visual skills: study More Most Viewed » NASA finds new form of life... on Earth Defiant Obama defends tax cuts, eyes 2012 More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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