MOSCOW, October 28 (RAPSI) – The Supreme Court of Russia has dismissed a petition filed by the representative of Yugra bank members Alexander Suchkov and refused to overturn a bankruptcy ruling against the financial organization, according to court records.

Suchkov has applied for the ruling reversal and reconsideration of the case.

The Supreme Court has held that Suchkov’s arguments have been considered by lower courts and dismissed as vicious with the detailed description of reasons for dismissals. According to the high instance, the applicant’s arguments just come to disagreement with evaluation of evidence conducted by courts, do not show that there are substantial breaches of substantial and procedural laws and therefore cannot be a reason for withdrawal of the judicial acts.

In July 2017, Russia's Central Bank said withdrew the license of Yugra bank, one of the top 30 banks. It imposed temporary administration represented by the Deposit Insurance Agency (DIA) in the bank. The DIA was ordered to conduct Yugra’s status inquiry.

In October 2018, the Moscow Commercial Court declared Yugra bankrupt.

In April 2019, Moscow’s Basmanny District Court ordered house arrest for the majority stockholder of Yugra Alexey Khotin on allegations of the 7.5-billion-ruble (about $120 million) embezzlement.

Investigators believe that the banker has been involved in embezzling the money from Yugra. The fact of the embezzlement is confirmed by the documents of Russia’s Central Bank, Deposit Insurance Agency and other evidence, according to the investigation.

A criminal case was launched against Khotin on April 18.

Bank Yugra, one of Russia’s leading commercial banks, was founded in 1990.  As of October 1, 2016, Yugra entered TOP-30 largest banks by assets and TOP-20 largest banks by retail deposits among the Russian banks, the organization’s official website read. Khotin held 52.5% of the bank’s shares.