Moscow court postpones hearing on Trust bank suit against Baymore Investments
MOSCOW, July 30 (RAPSI) – The Moscow Commercial Court decided to postpone to October 8 a hearing on a lawsuit filed by midsized Trust bank seeking over 6.7 billion rubles ($112 million) from Cyprus-based Baymore Investments Limited, RAPSI reported from the courtroom on Thursday.
Baymore Investments was ordered to provide additional documents.
At the same time, the court dismissed a motion filed by the bank to hold the hearings behind closed doors.
In March and April of this year, Trust bank filed over a dozen lawsuits against companies registered in Cyprus worth over 21 billion rubles and over $94 million. Business media outlets reported that some of these companies were associated with the former owners of the bank.
None of these lawsuits have been heard yet.
Trust bank was established in 1995 and is ranked by Russia’s Central Bank among the country’s top 30 banks. It reported losses of 18.8 billion rubles ($315mln) in 2014 amid a financial crisis.
The Central Bank decided that Trust bank should be bailed out via the Deposit Insurance Agency. Otkritie Bank was appointed bankruptcy receiver.
Thanks to these measures, the bank reported a profit of 3.5 billion rubles ($58.5mln) for the first quarter of 2015.
On May 21, Trust bank Deputy CEO Oleg Dikusar was charged with embezzlement and arrested. According to police, the bank’s top managers and executives conspired to embezzle funds from the bank’s accounts.
From 2012 to 2014, the suspects allegedly forged loan agreements for over 7 billion rubles ($136 million) with several Cyprus-based companies and for over $118 million with companies registered in other jurisdictions.
The money was presumably transferred to the accounts of individuals, including some living abroad, that were controlled by the suspects.