MOSCOW, November 28 (RAPSI) – The Moscow District Commercial Court has dismissed cassation appeals filed by five ex-top managers of the financial corporation Otkritie against freeze of their assets totaling to 289.5 billion rubles (about $4.5 billion), according to court records.

In late July, the Moscow Commercial Court seized assets belonging to the defendants. In late August, they challenged the ruling, but the Ninth Commercial Court of Appeals dismissed the appeal in September.

A demand to seize the assets has been lodged as part of the bank’s claim to recover this sum from the defendants. The defendants are one of the founders of the financial group Otkritie Vadim Belyayev, board chair Eugeny Dankevich, vice-president Gennady Zhuzhlev, ank president Ruben Aganbegyan and ex-board member Yelena Budnik.

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.