Economic Union

2020: The DIA asks to arrest property of the ex-management of bank for 1.6 billion rub

In April, 2020 the "Deposit Insurance Agency" State corporation (DIA) submitted the application to Arbitration court of Moscow for a seizure of property of fifteen persons controlling JSC Bank Ekonomichesky Soyuz for the amount more than 1.6 billion rubles, said in determination of court.

The petition for acceptance of interim measures was submitted within the claim of DIA for involvement of the former heads of bank to subsidiary liability and collecting from them 1.6 billion rubles.

During bankruptcy proceedings of DIA it was established that the persons controlling bank made actions for formation of technical loan debt and substitution of real estate of credit institution with the technical debt of legal entities. Besides, despite existence of the corresponding bases by the persons controlling bank measures for warning of its bankruptcy were not performed, noticed DIA.

According to the agency, the specified actions (failure to act) were resulted by significant deterioration in a financial position of JSC Bank Ekonomichesky Soyuz that was the reason of impossibility of meeting requirements of creditors in full. The specified circumstances according to the Federal Law "About Insolvency (Bankruptcy)" are the basis for involvement of the persons controlling bank to subsidiary liability.

2017: Revocation of license and bankruptcy

The Economic Union bank at unsatisfactory quality of assets inadequately estimated the accepted risks. Due to the low quality of assets the bank did not provide timely obligation fulfillment before creditors. Besides, the bank was involved in carrying out transit transactions and also the doubtful transactions connected with funds withdrawal abroad. At the same time heads and owners of bank did not take effective measures on normalization of its activity.

According to the order of the Central Bank in banks the temporary administration valid up to the moment of appointment of the receiver or the liquidator is appointed. Powers of executive bodies of credit institutions are suspended.

The arbitration court of Moscow granted on April 21, 2017 the application of the Central Bank (CB) of Russia for recognition by the bankrupt of JSC Bank Ekonomichesky Soyuz.