15:00, 11 April 2013

"Express" Bank sues Russia's Central Bank

Today, the officials of the Makhachkala-based "Express" Bank lodged a lawsuit on invalidating the orders of the Central Bank of Russia on recalling the license for banking operations and appointment of the temporary administration of the bank, as Kamil Muradov, the chairman of the society in defence of rights of depositors and shareholders, told the "Caucasian Knot" correspondent.

The lawsuit asserts that the orders of the Central Bank in respect of the "Express" Bank had violated the rights of shareholders and the legitimate interests of the bank in relation to its depositors, and undermined its business reputation.

According to the applicants, the order to recall the license violates not only the Federal Law "On Banks and Banking Activities", but also Article 8 of the Constitution, which guarantees the freedom of economic activity.

Author: Aida Magomedova

Source: CK correspondent