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    Fugitive Russian Tycoon Forced to Sell Real Estate Firm – Lawyer

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    Fugitive Russian tycoon Sergei Polonsky was forced in a Cambodian prison to sell a real estate developer for three or four times less than its value, his lawyer said Wednesday.

    MOSCOW, November 6 (RIA Novosti) – Fugitive Russian tycoon Sergei Polonsky was forced in a Cambodian prison to sell a real estate developer for three or four times less than its value, his lawyer said Wednesday.

    Polonsky sold the firm Potok, formerly known as Mirax Group, for $100 million by signing away power of attorney, and he still hasn’t received the money, lawyer Alexander Karabanov said in a statement.

    Polonsky is wanted in Russia on charges that he took part in embezzling over 5.7 billion rubles ($175 million) from an upscale residential project in Moscow. He has been placed on Interpol’s wanted list.

    His lawyer said Wednesday that Polonsky had sent a statement to Russian prosecutors and investigators that names the individuals he believes committed the embezzlement.

    Russia’s Interior Ministry has said that more than 80 participants in the project, Kutuzovskaya Milya, lost money directly because of Polonsky’s actions.

    Polonsky told RIA Novosti in October that he had instructed his legal team to draft compensation deals amounting to $12 million for individuals who purportedly lost money in the project.

    He also said he was considering returning to Moscow to clear his name. He was granted citizenship in Cambodia last month after judges there cleared him of liability in an alleged attack on locals last year.

     

    Tags:
    Potok, Mirax Group, Sergei Polonsky
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