RIA NOVOSTI. The Central Bank of the Russian Federation filed a lawsuit to the Moscow Arbitration Court to declare bankrupt Russian German Trade Bank (RGT-Bank, Moscow), the court’s representative told the Russian Agency for Legal and Court Information (RALCI).
RIA Novosti specified that starting December 21, 2010 the Bank of Russia revoked RGT-Bank’s banking license. According to the Bank of Russia, the measures stipulated by the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” were applied to the bank many times during a year. Specifically, RGT-Bank did not fulfill CBR’s orders regarding the reliable assessment of its assets and the accumulation of adequate reserves against possible losses, and also provided substantially misstated financial reports to the regulator. The lending institution’s management and shareholders, according to CBR, took no efficient measures to solve the problem.
RGT-Bank was established in 1994, and its primary founder was Ost-West Handelsbank AG (renamed in VTB Bank (Deutschland) in 2006), which was a subsidiary bank of the Bank of Russia. Other shareholders included six Russian companies that carried out foreign economic activities: Avtopromresurs (12%), Exportles (11%), Tolos Int. (10%) Trans-Oil (9.5%), Rost-Com (9.5%) and Chernogorskaya POSH (8%). According to the information posted on the bank’s web site, “the steady entry into the securities market” is named to be RGT-Bank’s strategic goal until 2013.
RGT-Bank’s controlling interest is held by Energostroyconcept, a business engaged in foreign economic activities. The lender’s remaining shares are distributed among businesses and individuals. The lending institution’s management board consists of two members, both of which were appointed in 2010: management board chairman Elena Kovtun (appointed in February) and chief accountant Valentina Bazilevich (October 1). More than eight years ago (August 2002), the bank’s shareholders decided to cut the charter capital to Rub 120.2 mln. According to the data posted on CBR’s web site, currently the bank’s charter capital equals Rub 79.76 mln.
