German Investor Ralph Novak Sentenced for Embezzlement in Russia

A Russian court sentenced German investor Ralph Novak to five years in prison for embezzling shares in car sharing company BelkaCar. Accused of selling shares at a low price behind his partner's back, Novak has been under arrest in Russia since early 2022.

A Russian court on Monday sentenced German investor Ralph Novak to five years in prison on charges of embezzling shares in Russian car sharing company BelkaCar, the RIA news agency reported.

Novak's partner, also a foreign citizen, had accused him of selling the shares at a low price behind his back, according to RIA. Novak has been under arrest in Russia since early 2022.