Kamchatkomagroprombank challenges revocation of license by Russian Central Bank
MOSCOW, March 6 (RAPSI) – Kamchatka regional bank, Kamchatkomagroprombank, has lodged a petition demanding to invalidate an order of the Russian Central Bank withdrawing its banking license, the documents of the Moscow Commercial Court read on Wednesday.
The petition challenges the move of the Central Bank of January 30.
Earlier, the Central Bank has lodged a claim seeking to compulsory close the bank with the Kamchatka region’s Commercial Court, which is to be examined on March 20.
According to the regulator, the bank has on regular basis underreported its credit risks, whereas over 70 percent of its loan portfolio were made of value-impaired and troubled debt. At the same time, the Central Bank says, there were observed signs of bad faith actions of the bank’s management, who allegedly dissipated liquid assets to the detriment of the interests of the bank’s creditors and customers.