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Otkritie ex-top manager seeks reversal of recovery of $500,000 in cassation proceedings

14:02 27/08/2019

MOSCOW, August 27 (RAPSI) – Ex-deputy of the Financial Corporation Otkritie Chairperson Yelena Budnik has appealed to a court of cassation seeking to reverse the recovery of 32,6 million rubles (almost $500,000), according to the records of the Moscow District Commercial Court.

The applicant challenges a decision of the Ninth Commercial Court of Appeals of July 22, by which it invalidated the payment of a bonus to Budnik and ruled to recover its amount saying the financial situation of the bank made the payment economically unfeasible.

The bank’s appeal reversed an earlier decision of the Moscow Commercial Court, which ruled in favor of Budnik.

This August, the Ninth Commercial Court of Appeals approved an amicable agreement between ex-vice president of the Financial Corporation Otkritie Maxim Yanpolsky and the bank according to which he was to pay 47.8 million rubles (over $700,000) to Otkritie.

On April 18, the Moscow Commercial Court invalidated deals on 55-million-ruble and 60-million-ruble payments to Yanpolsky and another former top manager of the bank Anton Sbytov respectively and ordered them to pay the sums back.

In August 2018, the bank lodged several claims against nine ex-managers including the former senior vice president of Otkritie Nikolay Yarovoy, ex-board members Yelena Budnik and Tatyana Serebrennikova. The bank sought to invalidate certain deals and recover the money from the defendants.

On August 29, 2017, the Central Bank of Russia imposed temporary administration in Otkritie Bank. However, it was reported that the bank would continue work in the ordinary course.

Otkritie Bank was founded in December 1992.  It is one of Russia’s top major banks and is a systemically important institution. Otkritie Bank has 364 offices, located in 55 constituent entities of Russia, according to the financial organization’s website.

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Otkritie ex-top manager seeks reversal of recovery of $500,000 in cassation proceedings

14:02 27/08/2019 Ex-deputy of the Financial Corporation Otkritie Chairperson Yelena Budnik has appealed to a court of cassation seeking to reverse the recovery of 32,6 million rubles (almost $500,000).
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