MOSCOW, May 21 (RAPSI) – A criminal case has been opened against executives of the bankrupt Tatfondbank on suspicion of embezzling more than 41 billion rubles (about $600 million) belonging to the credit organization, the press service of the Russian Investigative Committee reports.
Moreover, top managers are suspected of falsification of financial documents, premediated bankruptcy and abuse of power.
The case has been launched upon an application of the Deposit Insurance Agency (DIA) on the results of its 3-year work as insolvency practitioner, the statement reads.
According to investigators from the Republic of Tatarstan, in 2015-2016, management of Tatfondbank committed certain actions resulted in the worsening of the bank’s financial standing. Thus, the bank’s assets were formed with technical loan indebtedness; market assets were replaced with technical indebtedness; technical emitters’ shares were purchased. As a result, the bank was inflicted damage estimated at more than 41.2 billion rubles.
In 2017, Tatfondbank’s licence was revoked and the organization was declared bankrupt.
Currently, ex-board chair of the bank Robert Musin is on trial on charges of abuse of office resulted in the infliction of damage worth over 53 billion rubles (about $750 million).