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Moscow Arbitration Court to hear Jugra’s bankruptcy case in October

August 15, 5:10 UTC+3 MOSCOW

The bank lost its license on July 28

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MOSCOW, August 15. /TASS/. The Court of Arbitration in Moscow has admitted the application of Russia’s Central Bank to declare Jugra Bank bankrupt and initiated a proceeding, according to the ruling of the court.

The court trial to examine the validity of the Central Bank’s statement on recognizing Jugra as bankrupt has been scheduled for 4 p.m. Moscow time, October 27.

Jugra lost its license on July 28. The collapse of the bank was the biggest case in history in terms of volume of payments to depositors from the Deposit Insurance Agency as the total sum of 169.2 bln rubles ($2.8 bln) is expected to be paid out.

Founded in 1990 in Russia’s Tyumen Region, Bank Jugra entered the top-30 largest banks by assets and top-20 largest banks by retail deposits among the country’s lenders as of October 1, 2016. On July 10, Russia’s Central Bank imposed a three-month moratorium on meeting creditor claims of Bank Jugra and authorized the Deposit Insurance Agency with provisional administration functions to manage the lender for a six-month period. The key objective of the provisional administration function is to carry out an inspection of the bank’s financial situation, the regulator stated.

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