Court finds Evrosoyuz bank bankrupt
MOSCOW, October 11 - RAPSI, Natalia Belova. A commercial court found the Evrosoyuz commercial bank bankrupt and opened bankruptcy proceedings against the bank, the Russian Legal Information Agency (RAPSI) reported from the court on Tuesday.
Evrosoyuz ranks at the bottom of the list of Russian banks in terms of assets. The bank has been operating on the market since 2002. It was controlled by a group of private entrepreneurs.
The media reported that the majority of the bank's assets were loans to commercial enterprises. The bank had no individual deposits.
In July 2011, the bank's net losses amounted to 13.5 million rubles (approximately $427,820).
The bank's funds have fallen below 79.4 million rubles ($2.51 million), which is under the minimum registered charter capital established by the Central Bank of Russia.
The Central Bank of Russia is an applicant in the bankruptcy case.
The bank decided to revoke Evrosoyuz's license to conduct operations on August 26 after Evrosoyuz provided fake accounting statements and was unable to fulfill creditor's requirements.
During the hearing, the Central Bank of Russia's representative said the bank's assets amount to four million rubles ($126,490), while the bank's liabilities are 94 million rubles ($2.97million).