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Moscow court refuses to seize property of Renaissance bank’s ex-heads

11:59 03/12/2018

MOSCOW, December 3 (RAPSI) – The Moscow Commercial Court has dismissed a lawsuit filed by the Deposit Insurance Agency (DIA) seeking to recover 7.1 billion rubles ($108.2 million) from five persons, formerly in control of Renaissance bank, the court’s ruling reads.

The court noted that the plaintiff did not provide evidence suggesting that failure to introduce interim measures could potentially hinder enforcement of the ruling in this case in the future.

Following examination of Renaissance bankruptcy, the DIA found that these persons provided credits to nominal legal entities and people incapable of paying debts back.

The DIA also found that at some point there was an alienation of the bank’s securities and monetary assets with no compensation, causing damage to Renaissance and preventing repayment of its debts to creditors. The DIA noted that these circumstances serve as grounds for recovery of assets from the people formerly in control of the bank.

Renaissance bank was declared bankrupt by the Moscow Commercial Court in February 2016.

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Moscow court refuses to seize property of Renaissance bank’s ex-heads

11:59 03/12/2018 The Moscow Commercial Court has dismissed a lawsuit filed by the Deposit Insurance Agency (DIA) seeking to recover 7.1 billion rubles ($108.2 million) from five persons, formerly in control of Renaissance bank.
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