MOSCOW, May 24 (RAPSI) – The Moscow District Commercial Court has upheld recovery of 3.1 billion rubles (nearly $52 million) from two ex-managers of the Russian Land Bank Alexander Safronov and Timur Tchatchukh, RAPSI has learnt in the courtroom.

On November 10, the Moscow Commercial Court granted a claim filed by the Deposit Insurance Agency (DIA) seeking to bring the defendants to subsidiary liability and recover the assets. The court found that actions of Safronov and Tchatchukh led to the bankruptcy of the bank.

According to the DIA, creditors demanded 5.5 billion rubles (about $92.1 million) from the bank.

The bank was found bankrupt on May 21, 2014, on request of the Central Bank. During the court hearings back then a representative of the regulator said that the bank owed 10.9 billion rubles (about $182.5 million) while it only had 2.6 billion rubles (about $43.5 million).