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24 Jan, 2008 17:21

Pefume tycoon held on tax fraud claims

The owner of Russia's top perfume and cosmetics retailer was detained in Moscow on Thursday on suspicion of tax evasion.

Vladimir Nekrasov, the sole owner of Arbat Prestige, was detained by around 50 police officers as he left a Moscow shop, his lawyer told Vesti 24 television.

Interfax is reporting Nekrasov is suspected of failing to pay $US 2 MLN worth of taxes in 2005 and 2006.

Last year, Arbat Prestige said it was planning an IPO for 2008, and valued itself at $US 1 BLN. 

The cosmetics retailer had 64 stores in Russia in 2007.