MOSCOW, June 26 (RAPSI) – The Moscow Commercial Court has abandoned a bankruptcy action against the eldest son of businessman Boris Mints initiated by Promsvyazbank, according to court records.

The reason for the quashing of proceedings has not been disclosed.

In March, the Moscow City Court upheld issuance of the arrest warrant in absentia for businessman Boris Mints and his sons, Alexander and Dmitry, in a bond transaction embezzlement case.

Mints and his sons live in the UK and are involved in the damage recovery proceedings initiated by the Financial Corporation Otkritie and Bank Trust against the businessmen in the High Court of Justice.

The case against the businessman and two his sons was opened in Russia in September 2019. In December, they were put on a wanted list. They are charged with large-scale embezzlement.

Investigators claim that the accused men controlled a disputable deal on the retirement by the Financial Corporation Otkritie of O1 Group Finance 34 billion-ruble bonds (about $500 million) two weeks prior to financial restructuring of the bank ordered by the Central Bank and appointment of temporary administration.

“The charges that have purportedly been brought in Russia against Mr Mints and his sons, Alexander and Dmitry are utterly baseless, suspiciously-timed, and they dispute them in full. The charges are plainly intended to intimidate Mr Mints, his family and other witnesses to withdraw their claims made in against Bank Otkritie and form part of an ongoing campaign by their opponents in Russia. Mr Mints will continue to pursue his own counterclaims in this case, and along with Alexander and Dmitry defeat the baseless allegations now made against them both in Russia and the UK,” a spokesperson for Mints told RAPSI earlier.

Boris Mints is a founder of O1 Group company, former co-owner of the bank Otkritie and founder of the Museum of Russian Impressionism. His fortune has been estimated at more than $1 billion.