Today a Geneva court is hearing the case of the Russian owner of "Xamax" football club, Bulat Chagayev. The Swiss prosecutor has decided to take the business in custody after it was established that a guarantee letter worth $35 million was a fraud.
Bulat Chagaev did everything wrong in "Xamax" from the start. At the beginning of the season, problems with the website prevented the club's fans from printing off tickets for the opening match. The Russian owner of the club has already changed four coaches, fired the administration staff and had to face a boycott by "Xamax" fans. Bulat Chagaev was even forced to publicly apologize for his actions.
In the course of the season, interviews given by Bulat Chagaev became harsher and harsher. He declared that he was provoked on purpose because no one likes "a Chechen coming from the mountains and showing real results". He did not retract his promise to bring "Xamax" to the Champions League.
There were some results. Despite the fact that "Xamax" was fined eight points for a delay in payments to its players and failure to pay social contributions, the club came fourth among the ten. The next match was scheduled for February 4 and was supposed to be held against Lausanne FC.
The investigation into the financial situation at the club started at the end of last year. Chagaev was under suspicion of financial fraud. The gurantee letter worth 35 million dollars was a fraud and in addition contained mistakes. The debts of "Xamas" have reached $11 million.
In the near future the club will be proclaimed bankrupt. Earlier it received a license to participate in a match in Switzerland.
Bulat Chagaev purchased "Xamas" in May 2011. Four months later he was fired from the office of the vice-president of "Terek". According to media sources, the decision was caused by the failure of Chagayev to meet his financial responsibilities.
Today the Geneva court will announce its decision regarding the financial activities of Chagaev.
Gia Saralidze, exclusively for VK
