Police hunt for former Hearts owner Romanov

Police hunt for former Hearts owner Romanov

Published Aug. 9, 2013 11:52 a.m. ET

Former Hearts owner Vladimir Romanov faces up to seven years in prison if successfully prosecuted over embezzlement charges by Lithuanian authorities.

Romanov is suspected of embezzling >12 million ($18.5 million) from Lithuanian bank Ukio Bankas, where he was a majority shareholder. An international arrest warrant was issued for the Russia-born, Lithuania-based businessman four weeks ago.

Romanov, who bought a majority stake in Hearts in 2005, is believed to be in Russia.

Lithuania's central bank placed restrictions on the operations of Ukio Bankas in February, citing irregularities.

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Hearts, which went into administration last month, owes >15 million ($23 million) to Ukio Bankas and the bank's administrator has warned he could seek to liquidate the Scottish club.

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