Police open criminal case over major embezzlement of VSMPO-AVISMA assets
YEKATERINBURG. Aug 14 (Interfax) - A criminal case was opened by the investigative authorities of the police on July 31 over a major embezzlement of assets of the VSMPO-AVISMA corporation , deputy head of the Sverdlovsk regional police's investigative department Maxim Chaplygin told Interfax.
"The investigative department is carrying out a criminal inquiry that was opened [...] over major embezzlement of assets of the VSMPO-AVISMA corporation, a public joint stock company," Chaplygin said.
The case was opened on counts of major embezzlement, Chaplygin said. The police have not identified the defendants in the case.
A source close to the company told Interfax earlier that criminal charges had been brought against former VSMPO-AVISMA General Director Mikhail Voyevodin.
This was confirmed by Rostec, which owns 25% of the corporation's stock.
Voyevodin, who became the head of the corporation in 2009, left his post ahead of schedule in early May. The corporation said in the middle of April that it had adjusted production plans due to the coronavirus pandemic and cut output for 2020 from 39,000 tonnes to 26,500 tonnes of marketable titanium goods, as well as from 44,000 tonnes to 35,000 tonnes of sponge titanium. Additionally, the corporation appointed new top managers and anti-crisis management specialists.
VSMPO-AVISMA is the main titanium supplier to numerous companies in the global aerospace sector, including Boeing, Airbus, and Embraer. Board of Directors Deputy Chairman Mikhail Shelkov is the beneficiary of 65.27% of VSMPO-AVISMA stock, and the Rostec state corporation owns 25% plus one share.
