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SVB CASE: HOW THE SILICON VALLEY BANK WENT BUST IN THREE DAYS

Experts compare the shock experienced by the US financial system last week with the situation of the 2008 crisis. On March 10, 2023, it became known about the bankruptcy of Silicon Valley Bank ("Silicon Valley Bank"), located in Santa Clara (California), which actively worked with high-tech startups. The Bank lacked the necessary liquidity to carry out current operations. The sale of assets led ...

EX-HEAD OF THE BANKRUPT RUSSIAN MERCHANT BANK RECEIVED 8 YEARS IN PRISON

Igor Safonov, accused of embezzlement of 4 billion, was sentenced by the court to an eight-year term of imprisonment. The former chairman of the Board of the bank was tried under Article 160 of the Criminal Code of the Russian Federation (Part 4). The verdict of the Khamovnichesky court of the capital itself, the lawyers of the convicted person can still try to appeal. In April 2018, as the investigation ...

FORMER MANAGERS OF LIGHTBANK WILL BE BROUGHT TO SUBSIDIARY RESPONSIBILITY

Six representatives of the top management of Lightbank will bear subsidiary responsibility. The Arbitration Court of the Moscow District, which received a cassation appeal against last year's decision of the Moscow arbitration court, upheld the verdict. The metropolitan Arbitration Court has previously ...

TOP MANAGEMENT OF THE RUSSIAN MERCHANT BANK WAS BROUGHT TO SUBSIDIARY RESPONSIBILITY

The persons under whose control the activities of the Russian Commercial Bank (RTB) were brought to justice. The metropolitan Arbitration Court made a decision on the application of the state corporation DIA, which demanded to recover about 6.6 billion rubles from KDL. However, the final amount of the amount of subsidiary ...

THE WELL-KNOWN CONFECTIONERY HOLDING IS FACING BANKRUPTCY

"Glavtorg", which is the distributor of the holding "United Confectioners", is on the verge of bankruptcy. This is reported by Kommersant. The Russian financial conglomerate Sberbank is going to send an application for the company's insolvency to the court. Among the reasons for possible bankruptcy are the strong dependence of Glavtorg on loans ...

SANITIZED BANKS AND NPFS MAY BECOME LESS RESPONSIBLE FOR THE DEBTS OF "DAUGHTERS"

... according to which the amount of subsidiary liability of rehabilitated organizations for the debts of legal entities controlled by them will be limited in the event of such obligations before the decision to start rehabilitation. We are talking about banks, insurance organizations and non-state pension funds (NPFs). The remainder of the debt will have the right to recover from former owners and managers by bringing them to subsidiary responsibility, Fedresurs reports. As noted in the draft, the ...

EX-EMPLOYEES OF OTKRITIE BANK FORCED THE COP TO DOUBT THE NORMS OF THE BANKRUPTCY LAW

The Constitutional Court (CC) will check the constitutionality of a number of provisions of the law "On Insolvency (Bankruptcy)" and "On Amendments to Certain Legislative Acts of the Russian Federation". The reason for the procedure was a case involving Otkritie Bank. According to Vedomosti, with reference to the press service of the Constitutional ...

TWICE BANKRUPT. EX-HEAD OF VNESHPROMBANK WENT BANKRUPT IN ENGLAND

Georgy Bedzhamov, who escaped from Russian justice to England, was recently declared bankrupt by the High Court of London. The British Themis, which examined Bedzhamov's appeal on October 27, found no grounds for its satisfaction. Now the former owner of Vneshprombank (VPB) is waiting for the sale of assets. According to the Deposit ...

EX-CO-OWNER OF PROMSVYAZBANK ANANYEV WILL BE BANKRUPTED

Earlier, the plaintiff demanded 51 thousand dollars from the debtor. LLC "Yurconsultgroup" filed for bankruptcy of the former co-owner of Promsvyazbank Alexey Ananyev. Earlier, in December last year, the company filed a similar application, however, it was returned by the court at the request of the applicant himself. The details of the new case are ...

LEGION VS ZAITSEV: INSOLVENT BANK WILL BANKRUPT ITS EX-HEAD

The joint-stock commercial bank (AKB) Legion filed for bankruptcy in arbitration. The credit institution, deprived of its license in 2017, demands that Georgy Zaitsev be declared insolvent. The banker in the past headed the board of directors and was one of the shareholders of ...

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