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Central Bank's application to liquidate bank with multi-million debt upheld

12:04 10/10/2011

MOSCOW, October 10 - RAPSI, Natalya Belova. A commercial court satisfied an application by the Central Bank of Russia to liquidate AMT Bank, whose debt may become the largest in the history of the Deposit Insurance Agency, the court told the Russian Legal Information Agency (RAPSI) on Friday.

AMT Bank is a member of the deposit insurance system. It was a full-service financial institution, with nine branch offices, according to the Central Bank. AMT Bank ranked 71th among Russian banks in terms of assets as of April 1, 2011, said Economic Research Center "RIA Analytics". The Deposit Insurance Agency (DIA) was appointed the bank's liquidator.

The Central Bank revoked AMT Bank's license on July 21 for false financial reporting. AMT Bank collected roughly 15 billion rubles ($467.13 million) in private deposits. According to the DIA estimates, the amount to be paid to the bank's depositors will be the largest in the agency's history.Businessman Mukhtar Ablyazov directly owns a 19.7-percent stake in the bank, the company's website reads.

Ablyazov has been living in the United Kingdom since 2009. Earlier, a criminal case was initiated against on charges of fraud and embezzlement through fly-by-night firms. The court has issued an arrest warrant for Ablyazob in absentia.

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Central Bank's application to liquidate bank with multi-million debt upheld

12:04 10/10/2011 A commercial court satisfied an application by the Central Bank of Russia to liquidate AMT Bank, whose debt may become the largest in the history of the Deposit Insurance Agency.
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