THE Larnaca district court on Tuesday ordered the termination of extradition proceedings against Russian billionaire Dmitry Gerasimenko, after it emerged that Russian authorities had cancelled a warrant for his arrest.
Gerasimenko, 38, had earlier been arrested at Larnaca airport upon arrival from Milan.
He had been 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.
But during the first extradition hearing on Tuesday, the state prosecution informed the court that Russian authorities had in the meantime (on December 14) withdrawn the arrest warrant for this case.
Gerasimenko had been accused of securing a $65 million loan for his steel company under false pretences and without adequate collateral.
He claims he did not join the company until 2011.
According to the Cyprus News Agency (CNA), Russian authorities have meantime established that the loan in question was in fact secured by the company’s prior owners, and thus have voided the specific warrant against Gerasimenko.
Russian authorities subsequently issued a new warrant for Gerasimenko’s arrest, on the charge that he embezzled company assets.
But the new charges were not included in Interpol’s notice when on November 29 the agency issued an international arrest warrant for Gerasimenko, CNA said.
As such, the state prosecution (attorney-general’s office) on Tuesday requested that the extradition proceedings in Cyprus be withdrawn.
The court granted the request, and ordered that Gerasimenko be taken off the stop-list and that his passport be returned to him.
The court also ordered that the €150,000 which Gerasimenko posted as bond be returned to him. He is no longer required to report to a police station.
However, CNA reported that the attorney-general would issue a new warrant for his arrest, based on the other charges pending against him by Russian authorities. On Tuesday night, police said they were seeking Gerasimenko and called on the public to let them know if they spotted him and to call Larnaca 24804060, or their nearest police station, or the citizen’s hotline 1460.
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.
