Deposit Insurance Agency: Reason for bankruptcies of most Russian banks is ‘banal theft’

Deposit Insurance Agency: Reason for bankruptcies of most Russian banks is ‘banal theft’
Owners of credit institutions often practice such way of bringing to bankruptcy as increase in obligations of bank

According to Yulia Medvedeva, after bankruptcy of credit institutions, many bankers go abroad and comfortably live there.

More than 80% of the Russian banks, declared bankrupt, became such because of ‘banal theft of money’. Director of the expert analytical department of the Deposit Insurance Agencies (DIA) Yulia Medvedeva made such statement on the conference Institute of bankruptcy in Russia. Practice and technologies of carrying out bankruptcies.

According to her, this figure in DIA is sounded for a long time and it does not change. “The damage from all this wonderful activity, as it was correctly said before, is more than 1,1 trillion rubles [$19 billion]”, Interfax cites her words.

Medvedeva noted that 642 credit institutions, from which three-quarters were declared bankrupt, were under control of DIA. “On indirect signs when we see that after bankruptcy the owners of credit institutions leave at once and comfortably live there, we understand that no business keeps them in Russia”, representative of DIA added.

Besides, according to Medvedeva, owners of credit institutions often practice such way of bringing to bankruptcy as an increase in obligations of the bank, also the quantity of cases when banks forge data on issuance of credits to natural persons has recently grown.

Tags: Moscow Banks
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