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Founder of Naftogaz of Ukraine arrested in Moscow

One of the founders and former CEO of Naftogaz of Ukraine Igor Bakai has been arrested in Moscow on suspicion of a large-scale fraud. A court ruled that he is to be left in custody till Nov 12.

According to a number of sources, Bakai plundered finances of several individuals, ten people filed against him, including Russian billionaire Alisher Usmanov who allegedly lent out $9 mn to Bakai.

In Ukraine, Bakai has long ago obtained a scandalous reputation. In 1998-2000, he was first Chair of the Board of Naftogaz of Ukraine, since Oct 2003 to Dec 2004, he was head of the administration of President Leonid Kuchma.

His political career came to an end soon after the Orange Revolution, when Bakai was accused of illegally selling several attractive units of the Kiev realty, including Dnepr and Ukraina hotels as well as the Ukrainian Expo Center, After that, Bakai left for Russia, was granted the Russian citizenship. In 2010, when Viktor Yanukovych was president of Ukraine, all criminal proceeding against Bakai were ceased.

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