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Court puts MBRD Bank's subsidiary into administration

12:35 17/10/2011

MOSCOW, October 17 - RAPSI, Natalia Belova. A court has put MBRD-Finance, a subsidiary of the Moscow Bank for Reconstruction and Development (MBRD), into administration, the Russian Legal Information Agency (RAPSI) reported from the courtroom.

MBRD is one of Russia's top 30 banks.

The Federal Tax Service filed a bankruptcy application against MBRD-Finance. The court approved the application and included its 579.6 million ruble ($18.7 million) claim into the third-priority creditors' list.

MBRD-Finance's debt stems from the additionally charged taxes amounting to 401.6 million rubles ($12.95 million) and penalties which have never been paid.

MBRD-Finance's General Director Grigory Tsyshnaty earlier told RAPSI that MBRD-Finance disagreed with the tax service's arguments that served as the basis for its debt calculations. He said the company is determined to defend its position in court.

MBRD was established in 1993. It is the head company of the MBRD banking group comprising Dalkonbank (Khabarovsk) and East-West United Bank (Luxembourg). Its principal shareholder is JSFC Sistema (owns roughly 86 percent).

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Court puts MBRD Bank's subsidiary into administration

12:35 17/10/2011 A court has put MBRD-Finance, a subsidiary of the Moscow Bank for Reconstruction and Development (MBRD), into administration.
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