MOSCOW, January 27 (RAPSI) – The Moscow Commercial Court on Monday has rejected the motions filed by Master-bank CEO Boris Bulochnik against the ongoing bankruptcy proceedings in the bank, RAPSI reporst from the courtroom.

The motions were based on  the ongoing proceedings against Bank of Russia order to strip Master-bank of license , but the court ruled that a license recall was not in conflict with a bankruptcy procedure.

The Bank of Russia, which issued an operating license recall in November 2013, said in a satement, that Master Bank's license has been revoked for false data reporting, low-quality loans and loss of capital.

Master Bank, founded in 1992, held 47.3 billion rubles ($1.4 billion) in private deposits as of October 1 and 80.9 billion rubles ($2.5 billion) in assets as of November 1, according to RIA Novosti’s rating agency. It is one of the country’s top five banks by the number of ATMs and bank cards issued.

Several senior executives and the former vice president for corporate banking at Master Bank were arrested last year for money laundering as part of a large-scale investigation by Russia’s Interior Ministry.