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Tatfondbank demands $6.7 million from its ex-chairman

Staff Writer |
Tatfondbank has filed a claim with the Commercial Court of Tatarstan demanding to include 419.9 million rubles ($6.7 million) of its former board chairman Robert Musin’s debt in the creditors’ list.

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In early April, the bank lodged another motion against Musin seeking 201.4 million rubles ($3.4 million). The application will be heard on April 23.

On February 2, the court initiated debt restructuring process against Musin on the request of the Deposit Insurance Agency (DIA) representing interests of Tatfondbank. Overall, demands against Musin reach 16.7 million rubles (about $294,000).

Ex-chairman of the bank’s board is charged with large-scale fraud. According to investigators, in August 2016, employees of the bank provided false data to the Central Bank to obtain credit and subsequently embezzle the funds. Later, money was transferred to the accounts of affiliated companies.

Investigators stated that overall damage in criminal cases against Musin reaches 50 billion rubles (about $880.2 million). Thirteen cases on abuse of office opened against Musin are allegedly connected with embezzlement of 18 billion rubles belonging to Tatfondbank.

Musin has been placed under house arrest. In February, the republic’s Supreme Court extended his house arrest until mid-May.

On April 17, 2017, Tatfondbank was declared bankrupt.

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