MOSCOW, September 1 (RAPSI) – Russian senators have proposed to prohibit top managers of banks which go bankrupt from ever holding senior positions in other banks, Izvestia newspaper reported Monday.

The Federation Council’s Budget and Financial Markets Committee is advocating the bill which will be submitted for consideration soon.

The committee has come up with the initiative as up to 80% of bankruptcy cases in banking are filed in violation of the Criminal Code, according to Nikolai Zhuravlyov, the deputy head of the committe. 

“We must prevent criminal managers from assuming new banking positions after their banks lose their licenses,” the newspaper quoted Zhuravlyov as having said.

Bankers, however, warn against difficulties with tracking down blacklisted top managers, if the bill becomes law. First, there are difficulties with the blacklist disclosure by Russia's Central Bank. Second, blacklisted top managers may hold their positions unofficially and receive their bonuses in cash in envelopes.

The Central Bank has reportedly voiced its support for the top managers' ban, but said that sanctions should be imposed on a banker after a rapeated bankruptcy filing.