MOSCOW, November 28 (RAPSI) – The Ninth Commercial Court of Appeals has dismissed an appeal filed by temporary manager of Creditimpex Bank, Russia’s Deposit Insurance Agency (DIA), and refused to recover 79.5 million rubles ($1.2 million) of losses from six former managers of the bank, the court’s ruling reads.

On September 14, the Moscow Commercial Court found that DIA came to wrong conclusions suggesting that ex-managers were acting illegitimately since no connection was established between their actions and accrued debt. The court also ruled that the term limitation for the lawsuit has already expired.

DIA stated that ex-managers of the bank exchanged assets of the bank for knowingly bad debts.

Creditimpex Bank was declared bankrupt in September 2014.

In March 2013, authorities organized searches at the bank’s premises as part of a criminal case over embezzlement of nearly 8 billion rubles ($119.7 million).