Russian billionaire’s extradition hearing set for next week

The extradition hearing of Russian billionaire Dmitry Gerasimenko, 38, arrested last week at Larnaca airport after Interpol issued an international warrant, has been scheduled for Tuesday.

Gerasimenko was arrested last Thursday upon arrival from Milan.

He is wanted by Russian authorities in connection with embezzlement of $65 million from VTB Bank between 2007 and 2009, initially meant for his steel company Krasny Oktyabr, Russian for Red October.

He claims he did not join the company until 2011.

In addition to the large Volgograd steel plant, Gerasimenko owns two basketball teams, Russian first division team BC Krasny Oktyabr based in Volgograd and well-known Italian team Pallacanestro Cantu.

After a Moscow court charged the billionaire in absentia for organising embezzlement on a large scale, on November 29 he was added to Interpol’s wanted list.

An alleged associate of the steel magnate, Sergey Zatsepin, is in detention in Moscow on charges of aiding and abetting fraud.

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