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Moscow District Commercial Court seizes $62 mln assets from Eurocommerce Bank ex-managers

Christian Fernsby |
The Moscow District Commercial Court has decided to attach assets worth 4.8 billion rubles ($62 million) belonging to four former top managers of Eurocommerce Bank upon a claim of the Russian state corporation Deposit Insurance Agency (DIA), according to court records.

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Topics: MOSCOW   

The cassation instance has overturned lower court rulings dismissing the DIA’s application.

The court has seized property of former board chairman Irina Shavrina, members of a board of directors Andrey Kovalev and Tatiana Markova (Matveyenko), chief accountant Natalya Terentyeva.

Moreover, in September, the Moscow Commercial Court granted the DIA’s petition to bring Shavrina to subsidiary liability on the bank’s obligations; however, consideration of the claim as to determination of the liability amount was suspended until the end date of calculation with creditors.

The court also rejected a claim for vicarious liability against five other defendants.

In July 2019, Shavrina was convicted of embezzling 3.3 billion rubles (about $43 million at the current exchange rate) from the bank and sentenced to 7 years behind bars, according to the Prosecutor General’s Office.

Moreover, the Ostankinsky District Court of Moscow granted in full a 3.3 billion-ruble civil claim lodged by the injured party against the former top manager.

According to investigators, Shavrina decided to steal the bank’s funds when became aware of the revocation of the financial organization’s license.

He made fraudulent deals and concluded sham account dealing contracts.

As a result, the defendant embezzled over 3 million rubles.


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