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Suit over tycoon Lebedev's bank to be heard in private

14:24 21/06/2012

MOSCOW, June 21 - RAPSI. The Moscow Commercial Court will hear National Reserve Bank’s motion against the Central Bank’s audit findings in the bank behind the closed doors.

Tycoon Alexander Lebedev's bank requested the court to hear the case in private as some confidential information including information about contracts and bank’s clients may be revealed during the hearing. 

The court ruled in favor of the request and asked journalists and visitors other than party representatives to leave the courtroom. The court scheduled July 10 to hear the motion on its merits.

The court previously ruled against the plaintiff’s request for interim measures. The bank specifically asked the court to suspend the audit report until the case proceedings are over.

The audit was carried out from January 30 to April 13 and exposed the undervaluing of credit risks, as well as the lack of loan, stock and bank guarantee loss reserves.

The Central Bank claims the audit was politically motivated and challenged the audit instruction from the start. It is now seeking to quash its results.

This hearing will be held on June 29.

Established in 1994, NRB ranked 94th among Russian banks in terms of assets as of April 1. It made 121.7 million rubles ($4 million) in net profits in 2011.

Its beneficiary and chairman Alexander Lebedev owns a 73.7 percent stake, VEB Capital's head Yuri Kudimov holds 18.38 percent and UBS bank 4.5 percent.

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Suit over tycoon Lebedev's bank to be heard in private

14:24 21/06/2012 The Moscow Commercial Court will hear National Reserve Bank’s motion against the Central Bank’s audit findings in the bank behind the closed doors.
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