Russian regulator fines Bank Zenit head – Kommersant

The Russian central bank fined PJSC Bank Zenit head Alexander Tishchenko for irregularities related to the repurchase of shares from the lender's two corporate shareholders, Kommersant reported.

The central bank, whose decision has not yet entered into force, rarely imposes fines directly onto bank executives, Kommersant noted, adding that the maximum financial penalty for irregularities of this type amounts to roughly 30,000 rubles.

Bank Zenit told the newspaper that the fine was imposed after it decided to suspend payment on the repurchased shares due to a 1.6 billion ruble court dispute with the beneficiary owner of the two corporate shareholders.

The central bank's decision could affect the ongoing legal dispute between the parties, strengthening the position of the lender's shareholders in court, according to the Feb. 3 report.

As of Feb. 3, US$1 was equivalent to 76.03 Russian rubles.