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Court to hear shareholder's appeal of license revocation from Far Eastern bank

17:47 05/12/2011

MOSCOW, December 5 - RAPSI, Natalia Belova. The court will hear on December 21 a Vostokkreditbank shareholder's appeal against the court's decision to revoke the bank's license, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com).

The Moscow Commercial Court has held against the shareholder on July 1 in its lawsuit to invalidate the Central Bank's order to revoke the license. An appeals court upheld the judgment.

Vostokkreditbank was deprived of its operating license on November 23, 2010 for breaching federal laws and acts. The commercial court declared Vostokkreditbank bankrupt on February 1 and an appeals court upheld the decision in September.

According to the Central Bank, Vostokkreditbank had 2,760 clients and owed them 372 million rubles ($12 million).

Founded in 1990 in Blagoveshchensk in Russia's Far East, Vostokkreditbank was only engaged in lending to corporate customers. Its credit portfolio amounted to 2.1 billion rubles ($68.1 million) as of November 1, 2010.

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Court to hear shareholder's appeal of license revocation from Far Eastern bank

17:47 05/12/2011 The court will hear on December 21 a Vostokkreditbank shareholder's appeal against the court's decision to revoke the bank's license.
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