MOSCOW, May 21 (RAPSI) – The Moscow District Commercial Court has dismissed cassation appeals lodged by former top managers of the Financial Corporation Otkritie against recovery of 289.5 billion rubles (about $4 million at the current exchange rate) from them in favor of the bank, according to court records.
They thus failed to challenge the rulings issued by lower courts in September 2020 and February 2021.
The Central Bank of Russia during hearings in the first instance petitioned for the closed judicial session as the case contained banking secrecy. Former top managers objected to the motion.
Earlier, in late July 2019, the court arrested accounts of five former managers of the bank. An appeals instance upheld the ruling in September 2019.
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.