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Friday, July 22, 2011

Russian shipyard under scrutiny for misuse of defense order funds

Admiral Gorshkov class frigatePolice in St. Petersburg have launched a criminal probe into activities of the management of the Severnaya Verf shipyard that put the implementation of state defense order at risk, Russia's Kommersant daily said on Friday.

According to the paper, preliminary investigation has established that in 2010 the company transferred 5.9 billion rubles (over $212 million), received in line with defense order, in an attempt to save Mezhprombank, which later became bankrupt.

Severnaya Verf was one of the founding shareholders of Mezhprombank.

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