MOSCOW, February 19 (RAPSI) – The Moscow Commercial Court has declared Russian businessman Anatoly Motylev bankrupt, RAPSI has learnt in the court.

In January, the court granted claims filed by two companies and a number of persons asking to include 15 million rubles (about $266 million) in creditors’ demands list against Motylev.

On February 6, 2017, the court initiated debt restructuring process against Motylev on the request of Flowery Development Limited. The businessman owes the company 974 million rubles ($17.2 million).

On July 22, 2016, Flowery Development filed the bankruptcy claim against Motylev but it was not reviewed by the court because of lack of provided evidence. The court accepted the claim after all violations were lifted.

Motylev is the former owner of several Russian banks including Russian credit, M-Bank and Tulsky Industrialist. In the summer of 2015, the Central Bank of Russia withdrew the licenses of those banks. All four banks were declared bankrupt.

According to business media, Motylev is a defendant in a large-scale fraud case reportedly related to alleged embezzlement at M-Bank. In May 2016, the Basmanny District Court of Moscow seized Motylev’s property, including land plots and apartments in the Moscow Region.