The Moscow Court of Arbitration has ordered protective measures on assets linked to former Otkritie Bank president Ruben Aganbegyan as part of his bankruptcy case. The court blocked transfers of a villa in Cyprus, land and an apartment in Manhattan, New York, and shares in a Cypriot company.
Foreign assets under scrutiny
Russian reports show that the bankruptcy financial manager identified the foreign assets, associated with Aganbegyan and his wife Veronika Misyutina. The manager said Aganbegyan, who lives outside Russia, avoided transferring the assets, acting in “bad faith towards creditors.”
For example, Aganbegyan paid $1.5 million for a one-bedroom apartment in western Manhattan purchased in 2017. Similarly, he still controls an unfinished 181 sq.m. villa in Cyprus.
Disputed property agreements
The court invalidated a property distribution agreement between Aganbegyan and Misyutina. Aganbegyan also holds 160 common shares in a Cypriot company, each valued at one euro. That company owns a Moscow LLC involved in trade and management, controlling the Ivanovo Mechanical Plant, which is currently in bankruptcy.
The court sided fully with the bankruptcy manager and prohibited Aganbegyan from transferring ownership of these assets.
Bankruptcy background
Ruben Aganbegyan declared insolvency in the spring of last year after the Public Joint-Stock Company National Bank “Trust” petitioned for bankruptcy.
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