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Russian Supreme Court upholds revocation of Yugra bank’s license

16:53 24/12/2018

MOSCOW, December 24 (RAPSI) – The Supreme Court of Russia will not review a decision of a lower court confirming revocation of Yugra bank’s license, RAPSI has learnt.

According to the court, the Central Bank and the Deposit Insurance Agency (DIA) have fulfilled all the requirements written down in the law on bankruptcy.

Managers of the bank challenged the December 2017 ruling of the Moscow Commercial Court as well as rulings of the courts of appeal. The Central Bank had revoked license of the bank as there have been two measures taken against it already, managers noted. They added that such revocation is unjustified because Yugra complied with the Central Bank’s demands.

The license was revoked in July 2017. At the time Yugra was among Top-30 largest Russian banks.

Earlier, the Central Bank imposed temporary administration represented by the DIA in the bank for six months and a three-month moratorium on creditor claims. The DIA was ordered to conduct Yugra’s status inquiry. The bank managers’ powers have been suspended for six months as well.

These measures were applied because of Yugra’s financial uncertainty and threat to interests of its creditors and depositors, according to the regulator.

The Prosecutor General’s Office challenged two Central Bank’s orders on Yugra. According to prosecutors, the warrants were issued unreasonably because the regulator had not revealed violations of statutory requirements by the bank during the checks and supervision.

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Russian Supreme Court upholds revocation of Yugra bank’s license

16:53 24/12/2018 The Supreme Court of Russia will not review a decision of a lower court confirming revocation of Yugra bank’s license.
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