On December 8, police raided Neftyanoi Bank and seized documents that prosecutors said proved the bank was involved in money laundering.
"Investigators said the documents seized from Neftyanoi Bank were evidence that it had used fake companies and their accounts to conduct illegal bank transactions and launder money," The Prosecutor General's Office said in a news release.
However, the bank's press secretary said the prosecutor's office had not presented any documents that would corroborate the charges.
Neftyanoi Bank was founded by a group of fuel and energy companies in 1991. Its current shareholders are construction and developer companies. As of April 2005, the bank's equity funds aggregated $58 million and its assets totaled $224 million. The bank has authorized capital of $54 million and financial investments valued at $96 million.
