Moscow, April 12 – RAPSI. Andrei Borodin, former Bank of Moscow president, plans to appeal a court decision suspending him from office.

Earlier Yekaterina Ilyina, the Tverskoy District Court’s spokeswoman, said the court ruled to suspend Borodin and First Deputy President Dmitry Akulinin from office for the duration of the investigation into the Premier Estate case. By law, Borodin may appeal the decision in the court of superior jurisdiction, which, in this case, is the Moscow City Court.

"We will definitely appeal this decision as it doesn’t stand up to criticism from a legal point of view. Everything that is happening concerning the bank is beyond reason. People are getting concerned about nothing instead of developing the banking business," Borodin told RIA Novosti.

Meanwhile, the Bank of Moscow’s Press Office reported that the bank received the court’s decision and the board of directors will soon appoint an interim president.

The court instituted a criminal case on fraud and the embezzlement of 12.76 billion rubles from Moscow’s budget through a loan granted by the Bank of Moscow to Premier Estate in 2010. The court ruled to prosecute Borodin and Akulinin, and to charge them with abuse of authority.