Ust-Luga Company’s Valery Izraylit found guilty by St. Petersburg district court
Taking into account the detention and house arrest, Mr. Izraylit was released from punishment
The Smolninsky District Court of St. Petersburg prounounced the verdict against Valery Izraylit. This was reported in the Telegram Messenger by the joint press service of the courts of St. Petersburg.
“The court found Mr. Izrailit guilty... and sentenced him to 3-year imprisonment. The court released the defendant from punishment becouse the statute of limitations has expired. According to... the Criminal Code of the Russian Federation, the court imposed a sentence of imprisonment for a period of six years in a correctional facility of general regime,” the report says.
Taking into account the detention and house arrest, Mr. Valery Izraylit was released from punishment upon serving out his time. The measure of restraint was changed to a written undertaking not to leave until the verdict enters into force. The arrest on the property of Valery Izraylit was retained by the court.
Valery Izrailit has been in custody since December 26, 2016. The preventive measure was repeatedly extended. He was accused of fraud, money laundering and foreign exchange transactions using forged documents committed while in the position of Chairman of the Board of Directors of Ust-Luga Company. According to the investigation, as a result of the actions of the Ust-Luga Company head, funds allocated for the development of port infrastructure were stolen.
In May 2023, Smolninsky District Court of St. Petersburg, at the request of Valery Izraylit, terminated the proceedings under two articles of his criminal case due to the expiration of the statute of limitations. We are talking about Part 4 of Article 159 of the Criminal Code of the Russian Federation (fraud committed by an organized group or on an especially large scale) and Article 174.1 of the Criminal Code of the Russian Federation (legalization (laundering) of funds or other property acquired by a person as a result of committing a crime).
ОАО Ust-Luga Company is the coordinator of the construction of the commercial seaport of Ust-Luga, which is carried out within the framework of the federal target program "Development of the Russian Transport System" on the PPP principles.