Court to start hearing Bank Jugra’s suit vs central bank Oct 11

MOSCOW, Sep 6 (PRIME) -- The Moscow Arbitration Court will preliminarily consider a suit of Bank Jugra, which used to rank among Russia’s top 30 biggest banks by assets as of July 1, against the central bank’s decision to revoke its license on October 11, a spokesperson for the court told PRIME on Wednesday.

The application was submitted to the court on August 31.

On July 10, the central bank introduced a three-month moratorium on creditors’ demands at Bank Jugra and appointed the Deposit Insurance Agency (DIA) as an interim administration for six months. The bank contested the decision on July 25.

On July 28, the regulator revoked a banking license from the bank saying that financing of its bailout would have exceeded insurance payments to depositors. In early August, it filed for bankruptcy of Bank Jugra.

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