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Russia’s DIA sues ex-managers of Tatfondbank seeking recovery of $2.3 billion

12:56 18/12/2019

MOSCOW, December 18 (RAPSI) – Russia’s State Corporation Deposit Insurance Agency (DIA) has moved to recover 141.39 billion rubles (about $2.3 billion) from ex-Tatfondbank chairman Robert Musin and ten other persons in control of the bank, an agency’s statement reads on Wednesday.

The petition of DIA, which is the official receiver of Tatfondbank, has been submitted to the Tatarstan Commercial Court.

In substantiation of the claim, DIA cites the facts evidencing that the persons in control over the bank committed actions aimed to defraud it of its assets, in particular, to form simulated debts, replace valuable assets with unrealizable ones; purchased non-marketable securities; transferred liquid assets in trust of an affiliated organization and made other dubious deals.

Besides, the persons in control of the bank failed to undertake measures aimed to prevent Tatfondbank bankruptcy, the DIA statement reads. As a result, the financial standing of the bank has been seriously undermined, what was the reason, the claimant believes, of the situation where it could not meet the demands of its creditors.

Earlier, the Tatarstan Commercial Court has extended the procedure of sale of property of Musin for six months.

On July 18, 2018, the court granted a motion of Tatfondbank and declared Musin bankrupt.

Before that, the court initiated a procedure of restructuring Musin’s debt. The DIA sought 16.7 million rubles ($255) from the banker.

Notably, Musin is charged with embezzlement. According to investigators, in August 2016, employees of the bank provided false data to the Central Bank of Russia to obtain a credit and subsequently embezzle the funds. Later, the money was transferred to the accounts of affiliated companies.

Investigators believe that overall damage in criminal cases against Musin reaches 50 billion rubles (about $765.6 million). Thirteen cases over abuse of office opened against Musin are allegedly connected with embezzlement of 18 billion rubles ($275.6 million) belonging to Tatfondbank.

Criminal prosecution

In July, the Investigative Committee reported that Musin would stand trial on charges of abuse of office.

According to investigators, in December 2016, Musin siphoned liquid collateral security amounting to more than 20 billion rubles ($315 million) prior to the appointment of temporary administration in the troubled bank. Thus, he caused damage in the form of credit outstandings worth over 7 billion rubles to Tatfondbank, the statement reads. Over 19 billion rubles have not been returned, investigators claim.

There are 517 volumes in the case against Musin. Moreover, investigators believe that the defendant was involved in other crimes. The total damage caused by Musin’s actions is estimated at more than 53 billion rubles (nearly $835 million), according to the Investigative Committee.

A court has seized his assets worth more than 4.2 billion rubles.

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Russia’s DIA sues ex-managers of Tatfondbank seeking recovery of $2.3 billion

12:56 18/12/2019 Russia’s State Corporation Deposit Insurance Agency (DIA) has moved to recover 141.39 billion rubles (about $2.3 billion) from ex-Tatfondbank chairman Robert Musin and ten other persons in control of the bank.
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