The Samara region prosecutor's office said earlier this week that it is investigating senior management on suspicion of fraud and money laundering. "We do not agree with the decision and will appeal it in the Samara regional court," said Valentina Kalgatina, spokeswoman for the regional prosecutor, speaking from Samara on Friday. "We are already drawing up the documents for the appeal." Kalgatina declined to disclose any further details. Judge Sergei Lyashkov, who presided over the closed hearings at Samara's lower regional court, would not comment because the details of the investigation constitute privileged information, the court's spokeswoman said. The criminal probe comes on the heels of a 715 million ruble ($25.79 million) claim in back taxes for 2001, which the company received last December and is now appealing. "So far, the authorities' efforts to pursue [Volgotanker] have not been successful," said Volgotanker's spokesman Andrei Kleimyonov, commenting on Thursday's court decision. Media have reported that six managers are under investigation. Vedomosti on Friday cited attorneys for board chairman Alexander Alexandrovich and managing director Andrei Azarov as saying that the men escaped arrest because the court did not find evidence that they would flee or try to hinder the investigation. Last month, the court also declined to sanction the arrest of the company's chief accountant, Olga Bazilskaya, and Vladimir Koryakov, managing director of Bashvolgotanker, a subsidiary, Vedomosti reported. The fate of executives Yury Isaichev and Yevgeny Artyukhov, who Vedomosti reported are also among the six under investigation, is unclear. On Friday, Interfax reported that none of the investigated managers faces immediate arrest. Alexandrovich appears to prefer to watch the legal struggle from abroad. "I am worried about my personal freedom, and my partners and I would rather continue doing business than sit in prison," Alexandrovich said, the Financial Times reported Friday. Responding to a report in Kommersant that Alexandrovich is in London with members of his family, Kleimyonov said that everyone has a right to freedom of movement. "The Constitution has not yet been revoked in Russia," Kleimyonov said. Alexandrovich is conducting negotiations regarding the company's possible default on a $120 million loan from foreign investors, Kleimyonov said. Volgotanker warned last month that it may be unable to repay foreign investors because of its mounting tax problems. The shipper's legal problems have already significantly lowered Volgotanker's market capitalization, Kleimyonov said. Alexandrovich told the Financial Times that market capitalization dropped from $450 million to $110 million because of the investigations. The government recently said it would sell its 20 percent stake in the company. Analysts speculate that structures close to the government have an interest in bringing down the company's value so they can buy the state stake at a discount. PIN//The Moscow Times