Azeri banker faces embezzlement charges
Head of an Azerbaijani bank`s subsidiary has been charged with embezzlement and abuse of power and ordered held in detention pending trial, the Prosecutor-General`s Office said Tuesday.
Investigators established that the director of RoyalBank`s Khazar subsidiary, Rinad Mammadov, conspired with the subsidiary`s treasurer and expert as well as others to compile fake loan agreements, deposit forms and other documents to appropriate over 459,000 manats ($584,000).
According to investigators of the Prosecutor-General`s Office anti-corruption department, Mammadov tried to legalize about $207,000 of the embezzled funds by investing the money in business.
The banker may face seven to 12 years in jail with the confiscation of property, if convicted.
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