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Moscow court rules in favor of MInBank seeking to recover $2.7 bln from its ex-managers

12:30 31/08/2020

MOSCOW, August 31 (RAPSI) – The Moscow Commercial Court granted a claim of the Moscow Industrial Bank (MInBank) represented by Russia’s Central Bank, which had sought to recover from 18 persons earlier controlling this credit organization 198.06 billion rubles (about $2.7 billion), according to the court materials.

The defendants in the case are former MInBank President and Board Chairman Abubakar Arsamakov, Vice-President Adam Arsamakov and 16 other ex-managers.

This June a court of appeals arrested assets owned by the Arsamakovs and MInBank shareholder Malika Abubakirova, thus granting a claim of the Central Bank; moreover, the court introduced certain provisional measures, among them prohibiting registration of properties owned by 15 ex-managers of the bank at total value of 195.6 billion rubles (about $2.65 billion at the current exchange rate).

The court of appeals reversed a decision of the Moscow Commercial Court of February 18 dismissing the Central Bank claim.

The Central Bank has developed and implements a plan aimed to prevent MInBank bankruptcy.

The Moscow Industrial Bank was registered in November 1990.

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Moscow court rules in favor of MInBank seeking to recover $2.7 bln from its ex-managers

12:30 31/08/2020 The Moscow Commercial Court granted a claim of the Moscow Industrial Bank (MInBank) represented by Russia’s Central Bank, which had sought to recover from 18 persons earlier controlling this credit organization 198.06 billion rubles (about $2.7 billion).
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