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Russian Media Magnate Granted Bail in Spain
A Spanish judge Friday granted bail to Russian media mogul Vladimir Gusinsky pending a decision on his extradition to face fraud charges at home.
Judge Baltasar Garzon said that Gusinsky, president of Russia's Media-Most, would be placed in house arrest after handing in a bail of 1 billion pesetas (5.5 million U.S. dollars).
Gusinsky, charged with mass fraud and embezzlement by Russian prosecutors, was arrested on December 12 by Spanish police near the southwestern Spanish town of Cadiz on a warrant issued by Moscow.
Ordered to hand out his Russian and Israeli passports, Gusinsky will be in tight 24-hour police custody in his villa in Cadiz while the Spanish authorities are considering the extradition request by Russia.
Russian prosecutors allege that Gusinsky overstated his company's assets to win 300 million dollars in loan guarantees in 1996 from the state-owned natural gas monopoly Gazprom. Prosecutors say Gusinsky's company Media-Most was bankrupt at the time.
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