The Russian Investigative Committee has completed the investigation of the case involving Ukrainian Armenian businessman Oleg Mkrtchyan, the founder of Industrial Union of Donbass corporation, Kommersant reported.

Mkrtchyan is accused of embezzling 85 billion rubles (approx. $1,232,500,000) when carrying out a contract with Vnesheconombank.

In February, when Mkrtchyan was arrested in Moscow, he was charged with taking 1 billion rubles (approx. $14,500,000) out to offshore.

The Vnesheconombank representatives, however, refuted the embezzlement and did not consider themselves the injured party.

Mkrtchyan’s attorney Aleksandr Kostanyants told RBC that the businessman had not embezzled, but a “corporate dispute” had taken place.

“That dispute can’t be regarded as fraud, since in this case there has been no embezzlement by way of deceit,” the attorney explained. “They are free economic relations, and Oleg Mkrtchyan’s arrest was premature.”