Finnish businessman Tapani Koivunen, the major owner of an Estonian bakery that declared insolvency in 2008, had been charged with fraud in the United States of America, BBN reported, referring to Eesti Ekspress.

Koivunen and three his associates was arrested in Chicago last autumn.

The entrepreneur was accused with submitting untrue information to US Overseas Private Investment Corporation (OPIC) in order to receive a loan for the bakery on a basis for bakery industry development in Estonia. The loan totals eight-million-dollars.

According to Eesti Ekspress, the US indictment included money laundering charges. An enterprise, linked to Koivunen and his associates – Golden Sierra acquired the Valga bakery from Eesti Pagar in 2004.

The company declared insolvency in 2008 and at that time had about 35 employees.

If found guilty, Koivunen could be sentenced into prison for up to 30 years.