Fund for bank investors' support to be established in Tatarstan

Fund for bank investors' support to be established in Tatarstan

Aid of the special fund would only get those clients who did not receive payments after sale of property of a bankrupt bank.

Tatarstan President Rustam Minnikhanov reported to Russian President Vladmir Putin on the decision of the regional authorities to open special fund to help investors of the banks, which licenses were revoked.

“The organization will give support to that category of investors, who will not be able to receive means from a sale,” it is said on the Kremlin website.

According to Minnikhanov, the government commission, which is engaged in monitoring of a situation in the bank sphere, is already created in the region.

To recall, former head of Tatfondbank Robert Musin was arrested on suspicion of especially large Swindling (Art. 159 of the Criminal Code of the Russian Federation) – embezzlement of 3.1 billion rubles ($55m) through Tatfondbank in type of loan. Shareholder of Tatfondbank and CEO of LLC Novaya neftekhimiya Ramil Safin, and also head of Royal Taym Group Elena Leushina were detained within legal investigation over swindle. Against the background of scandal Prime Minister of Tatarstan Ildar Khalikov retired.

The central bank revoked license of Tatfondbank on March 3, 2017. According to the Central Bank, the ‘hole’ in balance of bank as of February 1, 2017 has made about 96.7 billion rubles ($1.71bn), before introduction of temporary administration its size was estimated at 43 billion rubles.

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