Tatfondbank is declared bankrupt

In the Arbitration Court of Tatarstan, a decision on the bankruptcy of Tatfondbank was decided. Competitive production for one year was also opened. This was reported on the court website.

On March 3, the Central Bank withdrawn a license from the largest bank of Tatarstan due to violations of banking legislation. The Bank of Russia said that financial recovery is impossible due to the low quality of assets. According to the regulator, the “hole” in the balance of Tatfondbank as of March 3, 2017 amounted to 118.3 billion rubles. The bank itself owed creditors more than 187 billion rubles.

On the same day, a criminal case of fraud against Robert Musin, chairman of the board of Tatfondbank and deputy of the State Council of Tatarstan was opened. He is in custody until April 16.

The review of the license from Tatfondbank caused numerous protests in Tatarstan.