100 mln euro missing from TMH's accounts at LGT Bank
MOSCOW. Aug 16 (Interfax) - One hundred million euro went missing from railway machine-building holding Transmashholding's (TMH) accounts at Switzerland's LGT Bank in December 2010, the company noted in its quarterly financial statement.
"As a result of proceedings, it was established that the funds were transferred without authorization to bank accounts not belonging to TMH and then partially invested, including in securities," the document said. The investigation was initiated by the Swiss prosecutor's office in June of last year.
In relation to this discovery, TMH is now taking part in judicial proceedings in Hong Kong, and Russian law enforcement agencies are also conducting investigations.
"In the process of the Swiss prosecutor's office's investigations, a restriction was placed on 1.983 billion rubles placed in a deposit as of December 31, 2011, as a result of which there is a risk that TMH will not be able to dispose of part or all of these funds," the document said, adding, however, that it considers the risk to be low.
TMH's management said that the results of the investigation "will not render a substantially negative impact" on the company's financial position or the results of its work.
TMH, Russia's largest producer of rolling stock for railways and subways, has plants in St. Petersburg, Bryansk, Penza, and the Moscow, Rostov and Tver regions. OJSC Russian Railways (RZD) and France's Alstom each own 25% plus one share in the company, and the remaining shares are owned by businessmen Iskander Makhmudov and Andrei Bokarev, as well as divisions of Transgroup.