Moscow court rules in favor of MInBank seeking to recover $2.7 bln from its ex-managers
Topics: MOSCOW MINBANK
The defendants in the case are former MInBank President and Board Chairman Abubakar Arsamakov, Vice-President Adam Arsamakov and 16 other ex-managers.
This June a court of appeals arrested assets owned by the Arsamakovs and MInBank shareholder Malika Abubakirova, thus granting a claim of the Central Bank; moreover, the court introduced certain provisional measures, among them prohibiting registration of properties owned by 15 ex-managers of the bank at total value of 195.6 billion rubles (about $2.65 billion at the current exchange rate).
The court of appeals reversed a decision of the Moscow Commercial Court of February 18 dismissing the Central Bank claim.
The Central Bank has developed and implements a plan aimed to prevent MInBank bankruptcy.
The Moscow Industrial Bank was registered in November 1990. ■