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18 Jun 2022


Russia: Solikamsk Magnesium Plant Director detained on embezzlement charges

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[Summary translation prepared by Business & Human Rights Resource Centre]

Director of strategic Russian plant detained, 18 June 2022
The director of the strategic Solikamsk Magnesium Plant OJSC (SMZ), Artur Urtaev, was detained.

According to the investigation, he provided a loan of 250 million roubles to Igor Pestrikov, a shareholder of the company, against a pledge of shares in Fin-Project LLC, which manages Lovozero Mining and Processing Combine (GOK). At the same time, the investigators believe that the pledge was not secured by anything due to the unprofitability of the mining and processing plant.

Urtaev's actions were allegedly qualified as embezzlement on a particularly large scale (part 4 of article 160 of the Criminal Code of the Russian Federation). Pestrikov is on a federal wanted list...