MOSCOW, July 17 (RAPSI) – The Ninth Commercial Court of Appeals has ordered recovery of 32.6 million rubles (over $500,000) from ex-deputy board chair of Otkritie financial corporation upon an application filed by the bank, according to court records.

The appeals court has overturned a lower court’s ruling of April 5 dismissing the bank’s lawsuit. The applicant asked the court to declare a deal on payment of special recognition award payment to Budnik invalid.

In August 2018, the bank lodged several other claims against nine ex-managers including the former senior vice-president of Otkritie Nikolay Yarovoy, ex-board members Yelena Budnik and Tatyana Serebrennikova. The bank sought to invalidate certain deals and recover the money from the defendants.

On August 29, 2017, the Central Bank of Russia imposed temporary administration in Otkritie Bank. However, it was reported that the bank would continue work in the ordinary course.

Otkritie Bank was founded in December 1992.  It is one of Russia’s top major banks and is a systemically important institution. Otkritie Bank has 364 offices, located in 55 constituent entities of Russia, according to the financial organization’s website.