Moscow (AFP) – Russian authorities on Thursday declared insolvent the large Vneshprombank, which reportedly counts several members of the country’s political elite as clients.
The central bank said in a statement it had withdrawn the licence of the bank, the country’s 40th-biggest out of a total 700.
Vneshprombank had over a long period overstated the value of its assets and lied about its accounts, the central bank had said after an earlier investigation, adding that it had also been involved in money-laundering.
Last month the bank, suffering from an acute liquidity shortage, had been placed under administration pending a recovery plan…
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