MOSCOW, February 8 (RAPSI) – The Moscow District Commercial Court has upheld a lower court’s refusal to seize assets of ex-board chair of Mosstroyeconombank (M Bank) Victoria Fialko worth 12.7 billion rubles ($192.5 million) and $6 million, and other nine ex-managers of the financial organization, according to court records.

The Moscow Commercial Court dismissed the Deposit Insurance Agency’s lawsuit seeking the asset seizure of M Bank ex-managers on August 22, 2018. An appeals court dismissed a complaint against the ruling on November 19, 2018.

M Bank was declared bankrupt in October 2015. Earlier, in July 2015, the Central Bank of Russia revoked the bank’s license as well as the license of several other bank controlled by businessman Anatoly Motylev including Russian Credit, AMB B and Tulsky Industrialist

Motylev living abroad is reportedly a defendant in a case on embezzlement at M Bank. Allegedly, over 1 billion rubles were transferred from the bank to phony companies where they were cashed and stolen.