MOSCOW, October 25 (RAPSI) – Russia’s Deposit Insurance Agency (DIA) has filed a lawsuit with the Commercial Court of St. Petersburg and Leningrad Region seeking to recover 5 billion rubles ($76.2 million) from twelve former managers of Sovetsky bank, the DIA’s statement reads.

During a bankruptcy procedure it was found that members of the bodies in charge of the bank as well as its representatives decided to provide credits to a number of legal entities. According to DIA, these entities did not engage in economic activity proportionate to the credit value and had no property and income to pay the debts.

Also, the temporary manager of the bank found that bad credits were also provided to persons without proper financial backing, causing losses in the process.

The St. Petersburg Commercial Court declared Sovetsky bankrupt on August 28.