The former CEO of Russia’s Vneshprombank Larisa Markus has been sentenced to nine years in jail by a Moscow court for extracting about RUB113.5bn (EUR1.83bn), in what has become the biggest case of banking fraud in the country, Tass reported on May 12.
Markus pleaded guilty, which was received by the court as an extenuating circumstance. Her brother and co-owner of the bank Georgy Bedzhamov was arrested in Monaco in April last year, but was not extradited to Russia and now reportedly lives in London.
At the end of 2016 Vneshprombank was shut down by the Central Bank of Russia with a RUB187bn ($2.3bn) hole in its balance sheet.
In explaining its decision to close the bank, the regulator said the bank’s management had conducted various operations to “strip assets out for a long period of time”.
Vneshprombank, Russia’s 34th-largest lender by assets, cost the state another RUB48.6bn ($821mn) as about two-thirds of its RUB72.9bn of deposits were covered by the Deposit Insurance Agency.
Related Articles
Mirziyoyev commends $74bn of foreign investment and IFI inflows as third Tashkent International Investment Forum kicks off
The foreign investment inflow into Uzbekistan has topped $60bn in recent years, President Shavkat Mirziyoyev noted as the third Tashkent International Investment Forum (TIIF-2024) got under way. ... more
Agri Europe Cyprus led by Serbian businessman plans offer to acquire additional shares in Addiko Bank in May
Agri Europe Cyprus, a holding owned by Serbian businessman Miodrag Kostic, is preparing to announce an offer to acquire additional shares of Austria’s Addiko Bank AG in mid-May, ... more
Russia’s Sberbank (Sber) posts $4.3bn IFRS net profit in 1Q24
Russia’s largest lender state-controlled Sberbank (Sber) posted an 11.3% year on year increase in IFRS net profit to RUB397bn ($4.3bn) in 1Q24. As followed by bne IntelliNews, in 2023 ... more
Most Read
-
Russia is producing weapons at a record pace, and Ukraine’s partners are trying to increase support for Kyiv
1 day ago
-
Russia doesn’t like taking a back seat to China in Central Asia trade
1 day ago
-
Ukraine's drone attacks on Russian oil refineries cause domestic petrol prices to surge
1 day ago
-
Fighting breaks out in Georgian parliament, halting vote on 'foreign agents' law
1 day ago
-
Lithuanian leaders back sending 29,000 military-age men back to Ukraine
2 days ago
-
The models are wrong, climate change is accelerating faster than predicted
7 days ago
-
Cheap Russian drones overwhelm US-made Abrams tanks, taken out of action
6 days ago
-
Russia already treating Bosnia’s Republika Srpska as an independent state
7 days ago
-
Putinomics: Russia’s oil and gas revenue to double in April
7 days ago
-
Kuwait reacts angrily to being cut out of Iraq and Turkey’s transport project
7 days ago
-
Albanians campaign on social media to keep bus bridge created in freak accident
1 year ago
-
Saudi Arabia to scale back plans for Neom city
22 days ago
-
Iran vs Israel: Who is better equipped for war?
19 days ago
-
BRICS announce a blockchain-based payment system to create a common currency
1 month ago
-
Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
6 months ago