MOSCOW, April 27 (RAPSI) – The Krasnodar Territory Commercial Court in southern Russia ruled to seize 1.7 billion rubles (about $34 million) in assets owned by three former managers of Sochi Bank for their role in its bankruptcy, according to court records.

Sochi Bank was established in 1990 for financing small and medium businesses. The Russian Central Bank revoked its banking license on November 20, 2008, and the bank went bankrupt in January 2009.

Former chairman of the board Yury Bondarenko was charged with staging a deliberate bankruptcyof the bank, which is punishable by up to six years in prison. The case against him was suspended as Bondarenko’s whereabouts are unknown.

His assistants Elvira Korshikova and Natalya Moisova were convicted for their roles in the bankruptcy of the bank.

The Deposit Insurance Agency (DIA), the bankruptcy receiver of the bank, filed a suit to collect 101.6 million rubles ($2 million) in damages from Bondarenko. The court ruled in September 2011 in favor of the agency.