MOSCOW, January 30 (RAPSI) – The Ninth Commercial Court of Appeals has upheld a ruling of a lower court dismissing a 4.8 billion rubles ($85.4 million) claim filed by Russia’s Deposit Insurance Agency (DIA) against three persons in charge of the Navigator bank, the court documents read on Tuesday.

On November 14, the Moscow Commercial Court dismissed the lawsuit.

In June, the DIA stated that examination of the bank revealed shortage of assets estimated at 407.1 million rubles (about $6.8 million).

On July 30, 2014, the Central Bank found the bank bankrupt. According to the regulator, Navigator conducted a high-risk credit policy and did not follow certain aspects of Russian legislation. At the moment of bank’s license revocation its debt was estimated at nearly 6.8 billion rubles (nearly $114 million). After the temporary administration held financial analysis of the bank, its property was evaluated at 1.5 billion rubles (about $25.1 million).

The bank’s license was revoked on May 13, 2014. According to the Central Bank, the Navigator was conducting risky credit policy by investing into low-quality assets. In addition, it did not comply with the requirements of the legislation in the field of combating the laundering of proceeds from crime and the financing of terrorism.