Billionaire's House Arrest Sends Stocks Crashing

MOSCOW (AP) — The arrest of a Russian billionaire on Wednesday sent shares in his holding company into a tailspin, wiping away more than $2.5 billion in market capitalization. Vladimir Yevtushenkov, who is worth $9 billion according to the Russian Forbes magazine, was placed under house arrest late Tuesday in a money-laundering case which has drawn comparisons with a government crackdown on the Yukos oil company in 2003.

 

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