MOSCOW, August 23 (RAPSI) – The Moscow Commercial Court is to hear a 1.88 billion rubles ($28 million) claim of the Deposit Insurance Agency (DIA) against 15 of Gazstrybank former managers in mid-October, the court documents read on Friday.
On 10 November, 2016, the Moscow Commercial Court upheld a demand of Russia’s Central Bank to declare Gazstroybank bankrupt.
In August of 2016 the Central Bank revoked the license permitting Gazstroybank to carry out banking operations due to the fact that the bank failed to comply with the federal legislation regulating banking activities and the regulator’s instructions.
The Central Bank substantiates its decision citing high risk credit policies of Gazstroybank, which, as the regulator alleges, invested funds in low quality assets, and its questionable transactions. Nevertheless, the management and owners of the bank failed to undertake necessary measures to normalize its activities, the regulator says.