PRIME-TASS. At its hearing on Tuesday the Moscow Arbitration Court declared Trado-Bank (Moscow, Registration No. 1065, registered on December 5, 1990) insolvent (bankrupt). The court appointed the Deposit Insurance Agency (DIA) a bankruptcy commissioner, Prime-TASS reported quoting the court’s data.
The Bank of Russia was the claimant under the bankruptcy case.
As wired earlier, on December 3, 2010 the Central Bank of the Russian Federation revoked Trado-Bank’s banking license. Trado-Bank’s license was cancelled due to the lender’s non-fulfillment of the federal laws regulating banking activities and CBR statutory acts, the inability to meet monetary claims of creditors and also taking into account the application of measures stipulated by the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” within a year on numerous occasions.
Due to the loss of liquidity Trado-Bank failed to timely fulfill its obligations to creditors. The bank’s activity posed a threat to the interests of its creditors and deposit holders. Management and individuals who control Trado-Bank distanced themselves and failed to take any efficient measures aimed at restoring the bank’s financial standing. Under the circumstances, on the basis of Article 20 of the Federal Law “On Banks and Banking Activity” the Bank of Russia fulfilled the obligations to revoke the lending institution’s banking license.
By its December 3 order the Bank of Russia also appointed the temporary administration to manage Trado-Bank.
On December 17, 2010 Sberbank of Russia began to pay insurance compensation to Trado-Bank deposit holders.
Furthermore, CBR board chairman Sergey Ignatiev said on December 8, 2010 that the regulator found signs of criminal offenses and is drafting an application to the Prosecutor General’s Office based on the signs of appropriation of the assets from Trado-Bank, and also Slavyansky Bank, whose license was also cancelled on December 3, 2010. Both banks are part of the financial and industrial group that also comprises Monetny Dom, Uralfinprombank and Donbank.
