Application for AMT Bank's bankruptcy to be reviewed on June 20
MOSCOW, May 14 - RAPSI. The Moscow Commercial Court will review an application for AMT Bank's bankruptcy on June 20. The application was lodged by the Deposit Insurance Agency, the state-run organization that was appointed as the bank's receiver in October.
On April 1, the bank's net assets including reserves stood at 8.57 billion rubles ($284 million), but its debt amounted to 32 billion rubles ($1.06 billion) as per its debt schedule. Meanwhile, the first priority claims against the bank total 15.46 billion rubles ($512 million), the Russian Legal Information Agency (RAPSI/rapsinews.com) learned from a first priority creditor who attended the creditors meeting.
The bank's shortage of funds led to the bankruptcy application.
In the receiver's preliminary estimate, the bank's depositors are entitled to the largest amount in the history of the agency - approximately 13 billion rubles ($430 million).
AMT Bank (previously BTA Bank) is a full-service bank with nine branches and 26 offices.
According to the RIA Analytics Economic Research Center, AMT was the seventy-first top bank in Russia in terms of assets on April 1, 2011.
According to the bank's website, businessman Mukhtar Ablyazov owns a 19.7 percent share in the bank.
Ablyazov has been residing in the UK since 2009. The police have opened a criminal case against him on suspicion of fraud and funds divestiture via fly-by-night companies.
Ablyazov received a 22-month custodial sentence for breaching court orders and is now hiding from justice. The bank hopes to secure and enforce court decisions to return $5 billion.