NAVALNY — court rules for 5yrs in jail under the Kirovles case
ALEXEY NAVALNY, Russia’s anti-corruption activist, opposition leader as well as one of the candidates for the position of the Moscow Mayor (elections to be held on Sept 8th), was found GUILTY in theft of RUB16mn under the Kirovles case.
The initial verdict was not an unexpected outcome as few expected him not to get any charges with a base case being suspended sentence from my discussions. Maximum possible charges could be up to 6 yrs in prison.
The judge finally stopped reading the sentence report (took him ~3.5hrs) and NAVALNY got 5yrs of jail time, almost maximum charge….he will be arrested straight from the courtroom...
Lawyers of Navalny already said that they will appeal the court decision.
There will be protest rallies held in multiple Russian cities at 6pm Moscow Time to discuss the outcome of Navalny’s court case – will be on Manezhnaya square in Moscow, for example. There are ~7k ppl signed up to join the rally as of an hour ago via Facebook. Worth noting that the gatherings haven’t been approved by the govt…
Navalny continues to suggest that the case is politically motivated.
While widely expected, many had hoped he would get a suspended sentence. A sad day for Russia. While little direct readthrough for the market, certainly negative for sentiment, and the Micex has already pulled back slightly. Protests planned for this evening are not sanctioned, so could see further pressure depending on what happens.
*PUTIN CRITIC NAVALNY SENTENCED TO 5 YEARS IN JAIL: IFX
He is detained in court, and the defence has 10 days to appeal the verdict. A gathering of supporters is planned for this evening in the centre of Moscow (not authorised), with the place already being cordoned off by the police.
Navalny, one of Russia's main opposition leaders, was found Guilty of Embezzlemnet thsi morning. Yesterday Navalny was officially registered as a candidate for Moscow mayor (elections scheduled for Sep).
*MICEX down 1.5% since the ann't
Где будет наш рынок, если Навального в ближайшее время выпустят (пусть и временно) по запросу прокуроров. Или же из-за обжалования дела его отправят на доследование и в итоге пересмотрят вердикт суда.
Будет ли ММВБ выше 1450 п. после этого?