Russian trader George Urumov, accused by a British-based subsidiary of one of Russia's largest financial groups of fraud totalling $183m, denied participating in false trades and paying bribes to colleagues in London's High court on Monday.
Reuters reports that Urumov was giving evidence for the first time in a civil case brought by Otkritie Securities Limited, part of Russia's Otkritie Financial Corporation, which alleges that he defrauded the company by failing to split an agreed $25m 'sign-on fee' evenly between himself and four bond traders when they were recruited by the firm in 2010.
The company says that Urumov kept $20.5m for himself and that he used more than $12m to pay bribes to two Otkritie employees who had supported his recruitment.
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