The ex-top manager of the Moscow Industrial Bank was accused of embezzlement

Ex-Vice-President of the Moscow Industrial Bank Adam Arsamakov was accused of embezzlement

Adam Arsamakov, who was the vice-president of the bank, is on trial for a particularly large embezzlement, he was charged. Ex-top manager fled abroad, he was arrested in absentia

The son of the former president of the Moscow Industrial Bank, Abubakar Arsamakov, Adam, who served as vice president, became a defendant in a criminal case on especially large embezzlement, writes “Kommersant”. The same information confirmed “Vedomosti” in the Basmanny Court of Moscow.

The case was opened under Part 4 of Art. 160 of the Criminal Code. It was not possible to interrogate Adam Arsamakov, since he left Russia, Kommersant notes. He was arrested in absentia.

Since the beginning of 2019, the Moscow Industrial Bank (MINBank) has been undergoing reorganization. At the time of the Central Bank’s decision, it ranked 33rd in terms of assets. The regulator cited the financial organization’s inability to overcome financial difficulties as the reason for the reorganization.

According to Kommersant, after the bank was handed over for reorganization, almost all top management lost their posts. The Central Bank came to the conclusion that due to the actions of the management, the bank almost went bankrupt. Violations and abuses were identified, and the Investigative Committee took up their investigation.