Bank "Trust" expects to receive about $300 million from the former owners

Bank "Trust" expects to receive about $300 million from the former owners. Bringing to vicarious liability.

Bank "Trust" expects to receive about $300 million from the former owners.

In early 2020, a court in London ruled that the former owners of Trust Bank, Ilya Yurov, Nikolai Fetisov and Sergey Belyaev, must return $900 million to the bank, but their personal assets do not even cover ten percent of this amount. After almost a year and a half, the bank is trying to return about a third of this amount, Forbes has learned.

Now the Trust will be able to count on a return of about $300 million.

Sokolov warned that the Trust would not be able to return from its former owners everything that the London court ordered to return back in 2019, before a decision is made. For every ruble stolen in disinfected jars, 10 to 20 rubles are lost.

Since 2018, the Trust has been operating as a bad debt bank, into which non-core assets and bad debts are transferred from the balance sheets of bankrupt banks of the Moscow Ring.

"Trust" began to disclose the offshore network of its former owners, 280 foreign and 50 Russian organizations were discovered. Through them, Yurov, Belyaev and Fetisov financed their projects by attracting loans from the Trust Bank.

Two offshore network companies, Erinskay and Baymore, have paid off debts to other companies. The trust provided the company with a loan, bought bonds, pledged them in repurchase agreements, then the money went to other companies in the network so that they could repay the loan they had previously taken.

If the funded companies made a profit, the shareholders took it for themselves, and if the project did not end, the losses remained in the bank. Of the money issued in the form of trust loans, $140 million was used by Yurov, Belyaev and Fetisov for personal gain - including interest in July 2017, that's over $300 million.

This scheme is commented on by the managing partner of the law firm Vetrov and Partners Vitaly Vetrov.

This news caught my attention for one fact. If the bank is in bankruptcy, then with a high probability the owners of the business and its management will potentially become debtors when they are brought to subsidiary liability. Moreover, the amount of such liability will be measured in hundreds of millions. Maybe rubles, maybe dollars. If so, then the part of them that turned out to be just in the trend of negative practice can only be sympathized with, since it will already be difficult to get rid of the negative consequences of the sudact on recovery. And after 5, and after 25 years.

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