Prague Court Declares Bankrupt Czech Subsidiary Of Russian Sberbank
Date
8/26/2022 2:26:34 PM
(MENAFN- UkrinForm) The Prague City Court declared Sberbank CZ, a subsidiary of the Russian Sberbank, bankrupt.
This was reported by radio Prague International as seen by Ukrinform.
Late July, the Prague City Court launched proceedings in the Sberbank CZ bankruptcy case. The bank is insolvent and, according to June's data, it has overdue liabilities of more than 61 billion kroner (EUR 2.3 million).
'During bankruptcy, the debtor's assets are sold, and the proceeds are distributed among his creditors,' the report reads.
Read also: EU expands sanctions against Russia, targeting additional 54 individuals, 10 entities
On October 6, the court will hold a second hearing on the lawsuits filed by creditors. On the same day, as follows from the data filed with the insolvency register, a creditor meeting will be held.
In early May, the Czech National Bank (CNB) revoked Sberbank CZ's banking license, after which the Prague City Court took appropriate measures to liquidate the bank.
With measures to revoke the license, the Central Bank of Ukraine reacted to the deterioration of the situation in the Sberbank subsidiary due to the outflow of deposits in the wake of a Russian invasion of Ukraine.
As reported, in July the European Union extended sanctions against the Russian Sberbank as part of the seventh package of economic restrictions.
MENAFN26082022000193011044ID1104763295
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.