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Regulator wants Moscow Industrial Bank's former owners to cover bailout losses

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Regulator wants Moscow Industrial Bank's former owners to cover bailout losses

The Russian central bank requested former owners and managers of PAO Moscow Industrial Bank to pay 195.3 billion rubles to cover costs related to the lender's bailout launched in January 2019, Vedomosti reported.

The regulator wants to retrieve the funds from 19 people responsible for the management of Moscow Industrial Bank in the last three years before the bailout, according to the Jan. 17 report. The central bank believes that the people controlling and managing the lender during that time carried out risky lending policy, as a result of which significant part of its assets lost liquidity and ceased to generate income.

The regulator reportedly gave the lender's former owners and managers 30 days to make the payment, otherwise it will refer the case to the arbitration court, Vedomosti noted.

As of Jan. 17, US$1 was equivalent to 61.54 Russian rubles.