The founder of Global Gaming Expo (GGE) Alexei Kalinichenko is not going to be extradited to Russia yet, even though the Supreme Court of Italy sustained the Russian authorities’ claim to this extent.

A former member of Bank24.ru Board of Directors, Kalinichenko dealt in trading on Forex foreign exchange market through an offshore Livingston Investment and through Bank24.ru. The money needed for the trading operations was attracted through a number of ad hoc firms, including GGE. The trader promised its customers an annual yield of 30% to 200%.

The company stopped paying its investors in August 2006 when Alexei Kalinichenko fled the country and was later found in Italy.

‘The police officers did not find Mr. Kalinichenko at the address indicated in the papers. As far as we have been informed, the Supreme Court of Italy placed the man on the ‘wanted’ list, but we are still not clear about his whereabouts,’ Deputy Head of Ural Federal District’s division of the Ministry of Internal Affairs Andrei Taranenko was quoted by Kommersant as saying.

The division representatives say the accused might have already left Italy due to his Schengen visa. In case the businessman, who is still on the international wanted list, is found in another country, the extradition procedure will have to be started all over again, the newspaper reports.