Fraud trial sought for Russian businessman

Prosecutors in Milan have called for a Russian businessman, suspected of being involved in fraud in the solar power sector that cost the Italian government some €59 million, to stand trial.

Fraud trial sought for Russian businessman
The alleged fraud involved solar power products sold in Italy. Photo: Laura Canovaro

Igor Akhmerov, the founder of Swiss firm Avelar Energy, a unit of Russia’s Renova, and others are accused of using Aveleos SA, a joint venture company set up to develop the company’s renewable energy activities in Italy, to import cheap materials from China for solar power products, which were then sold in Italy at a higher price, all the while profiting from Italian state aid in the sector.

Aveleos was established in partnership with a Luxembourg-based company, Enovos, in 2010.

Akhmerov resigned from management duties at Aveleos in August 2014 after being briefly jailed along with two managers and five other partners in July of that year.

Two of those accused reached a plea bargain with prosecutors on Thursday after negotiating 10-month sentences, Ansa reported.

The next hearing is scheduled for October 20th, when the judge will decide whether or not to order a trial.

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