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Report: Russia moves to retrieve lost funds from Master-Bank's former owner

The Russian Deposit Insurance Agency filed a claim at the Moscow Arbitration Court to retrieve 24.6 billion Russian rubles from the former owner and managers of collapsed OAO Master-Bank, Kommersant reported Dec. 15.

The DIA accused the bank's former management board chairman and beneficiary owner Boris Bulochnik and four other top executives of having deliberately approved and issued dubious loans and failed to prevent the lender's bankruptcy. Court proceedings will start Feb. 16, 2017.

Master-Bank lost its license in November 2013. The DIA estimated at the time that the lender's failure would cost the agency about 30 billion rubles in deposit guarantees.

As of Dec. 15, US$1 was equivalent to 61.89 Russian rubles.