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Exclusive: latest on the Gergiev embezzlement case

Sources close to Valery Gergiev have updated me on the fraud scandal that has hit the Gergiev Foundation.

The amount stolen was not US$13.5 million – 400 million roubles – as originally reported in the Russian press, but the equivalent of US$8 million – still a hefty sum.

Some of the money has been traced and directors of the Foundation are hopeful that most, if not all, will be recovered.

The suspect Igor Zotov has been released by the police but his passport has been confiscated, so he cannot leave the country.

I have adjusted the original report here. This account supercedes older versions.

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