‘Manhunt’ for fugitive bankers in Russia

‘Manhunt’ for fugitive bankers in Russia

The Russian State Corporation ‘Deposit Insurance Agency’ starts ‘an open season’ for collection of 95 milliards rubles stolen by owners of 44 wound up banks.

In the middle of February, the Deposit Insurance Agency of Russia announced that it would search for investors who would recover assets of the owners of the banks in liquidation. ‘We are starting an open season’, – Andrei Melnikov, the principal Deputy Director of the Agency, said at the meeting with bankers.

According to the official site of the Agency, the Corporation searches for stakeholders that will discover and recover assets of controlling persons of 44 banks subject to civil liability and legal judgements against which became enforceable. Total lodged claim for the bankers amounted to 95.5 milliards rubles.

Potential investors don`t have to be Russian resident or a legal entity to participate in the selection.

‘We are starting an open season. The investors ready to recover assets must send their proposals to the Agency to be on the shortlist. Our partners will receive a lucrative reward for their work, but they must be able to absorb additional work costs in Russia and in other jurisdictions. Such an approach is used in the US and Great Britain.’ – Meldnikov said.

The investors will receive their interest on their recoveries, including those made by reaching a settlement agreement, for bankruptcy assets of the banks in liquidation. The amount of reward received by the investor on the shortlist with the best offer will be brought into accord under negotiations.

A list of the banks in liquidation and the deadline for applications for the investors is available on the Agency’s website.

In March 2019, this method made it possible to seize by the order of the London Court the assets of George Bedzhamov, the ex-co-owner of the ‘Vneshpromtorg’ bank in the amount of £1,3 billion. Land property was seized in Moscow region, London, Switzerland, Italy and France.

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