MOSCOW, October 10 (RAPSI) – The Commercial Court of Tatarstan has extended a bankruptcy procedure against Tatfondbank for 5 months, RAPSI has learnt in the court.

A motion to extend the procedure was filed by the Deposit Insurance Agency (DIA). The agency stated that 5.5 billion rubles ($83.3 million) were returned to 180,000 deposit holders of the bank.

Earlier, the Eleventh Commercial Court of Appeals cancelled proceedings related to three appeals filed by two individuals and one company against a ruling of a lower court declaring Tatfondbank bankrupt.

On October 2, the DIA, representing interests of Tatfondbank filed an application with the Commercial Court of Tatarstan seeking to include 21.5 billion rubles ($328.2 million) into the creditors demands list against the bank’s ex-chairman Robert Musin.

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

Earlier, 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.