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Bank auctions real estate worth $70 mln as part of bankruptcy proceedings

12:37 01/11/2011

MOSCOW, November 1 - RAPSI, Dmitry Shchitov. The Moscow Capital bank auctioned off three real estate facilities for a total of $70 million in the period from July 11 to September 27 as part of the bankruptcy proceedings, the Deposit Insurance Agency reported.

The agency, appointed as a bankruptcy trustee of the bank, initially submitted 274 claims to recover a total of 25.15 billion rubles ($835 million) and $20 million for loan contracts. However, courts upheld 205 claims worth 19.2 billion rubles ($637.4 million) and $20 million. Meanwhile, the courts initiated 148 enforcement proceedings to recover 7.1 billion rubles ($235.7 million).

According to the agency, it managed to raise 770.2 million rubles ($25.5 million) for the bankrupt's assets. Meanwhile, creditors' claims, which amounted to 16.85 billion rubles ($559 million), have yet to be repaid.

The Central Bank revoked the bank's license on February 2, 2009. The deposits of private individuals and assets, which amounted to 13 billion rubles ($430.04 million), were transferred from Moscow Capital bank to Nomos Bank.

The Moscow Commercial Court upheld the Central Bank's bankruptcy application and declared Moscow Capital bankrupt on April 30, 2009.
Moscow Capital bank is a member of the mandatory deposit insurance system.

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Bank auctions real estate worth $70 mln as part of bankruptcy proceedings

12:37 01/11/2011 The Moscow Capital bank auctioned off three real estate facilities for a total of $70 million in the period from July 11 to September 27 as part of the bankruptcy proceedings.
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