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Court annuls CBAâ€™s claim on bankruptcy of Kovsar Bank

Court annuls CBAâ€™s claim on bankruptcy of Kovsar Bank

26 April 2013 14:25 (UTC +04:00)

Thus, claim of CBA connected with bankruptcy of Kovsar Bank OJSC has been annulated.

Note that, under the decision of the Board of CBA, on December 1, 2010, license of Kovsar Bank had been abolished, since its minimum total capital did not meet the requirements, but also due to violation of banking laws, including non-implementation management and ongoing activities in a safe and prudential manner.

But in January of 2011, Kovsar Bank filed a lawsuit against the Central Bank. Its position was that, CBA’s decision related to cancellation of Kovsar Bank is groundless.

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