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Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

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Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
Russia

Russia’s Economy Minister Alexei Ulyukayev Has Been Detained Over a Bribe

By
Reuters
Reuters
and
Tekendra Parmar
Tekendra Parmar
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By
Reuters
Reuters
and
Tekendra Parmar
Tekendra Parmar
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November 15, 2016, 12:26 AM ET
Key Speakers At VTB Capital Investment Forum
Alexey Ulyukaev, Russia's minister for economic development, pauses in between panel sessions on day one of the VTB Capital Investment "Russia Calling" Forum in Moscow, Russia, on Wednesday, Oct. 10, 2016. VTB Group, Russia's second-largest bank, will continue to cut back operations in London after the U.K. decided to exit the European Union, Chief Executive Officer Andrey Kostin said. Photographer: Andrey Rudakov/Bloomberg via Getty ImagesAndrey Rudakov—Bloomberg/Getty Images

Russian Economy Minister Alexei Ulyukayev has been detained over a $2 million bribe allegedly received for a “positive” assessment, which led to oil producer Rosneft acquiring a 50 percent stake in Bashneft, the country’s Investigative Committee said on Tuesday.

He is the highest-ranked statesman in Russia to be arrested since the failed coup in 1991.

The Investigative Committee, which directly reports to President Vladimir Putin, said the investigation would put forward charges soon.

“Ulyukayev was detained at night, immediately after interrogation,” an Investigative Committee official told Reuters.

It was not immediately clear, what exactly Ulyukayev, who has overseen massive government privatization, has been accused of.

Kremlin spokesman Dmitry Peskov told TASS news agency that “this is a serious accusation.”

For more information on Russia’s economy, watch Fortune’s video:

“In any case, only a court is able to decide anything,” he was quoted as saying.

Kremlin-controlled Rosneft bought 50 percent of Bashneft for 330 billion roubles ($5 billion) in October.

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