A St. Petersburg court has detained a US-born businessman on suspicion of large-scale fraud. August Meyer is a co-owner of Russia’s third-largest cosmetics chain, Rive Gauche, and e-commerce site Ulmart.
Meyer – one of the most prominent foreign investors in Russia – is being investigated on two counts of fraud involving loans from Russia’s biggest bank, Sberbank, worth 2.4 billion rubles ($31 million).
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