Ex-head of Tatfondbank Musin declared bankrupt

Ex-head of Tatfondbank Musin declared bankrupt
Robert Musin

Upon the decision of the Arbitrazh Court, the procedure for former banker’s realization of the property was initiated.

In Tatarstan, former head of Tatfondbank Robert Musin was declared bankrupt by the decision of the Arbitrazh Court, the procedure for banker’s realization was initiated, the materials of the case states.

The bankruptcy of Musin was initiated by the Deposit Insurance Agency (DIA). The amount of claims initially reached 16.8 million rubles ($267.100). Then it grew to 1.6 billion rubles ($25.4m). The court recognized this claim as justified and introduced a procedure of debt readjustment.

Tatondbank collapsed in the spring of 2017, after which the Central Bank withdrew its license. The bank was also declared bankrupt; a hole in its capital is estimated at 118 billion rubles.

Criminal cases were initiated against Musin and some of his subordinates; the investigation estimates the damage at 50 billion rubles ($794.9m).

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