Probusinessbank Appeals Corruption Case Ruling

Anti-Corruption Foundation Alleges Involvement

In a recent turn of events, Probusinessbank has filed an appeal against the Moscow Arbitration Court's ruling in a corruption case involving Anti-Corruption Foundation (ACF).

ACF's Allegations

ACF, led by opposition figure Alexei Navalny, has accused Probusinessbank of laundering large sums of money for government officials and politicians.

The allegations stem from a 2017 investigation by ACF that claimed that Probusinessbank's former chairman, Alexander Zheleznyak, had transferred billions of rubles to accounts controlled by Maxim Katz, a former MP.

Court Ruling and Appeal

In December 2022, the Moscow Arbitration Court ruled in favor of ACF, ordering Probusinessbank to pay 2.2 billion rubles (approximately $30 million) in damages.

Probusinessbank has since appealed the ruling, arguing that the allegations against it are politically motivated and lack evidence.

Impact on Probusinessbank

The corruption allegations and the subsequent court ruling have had a significant impact on Probusinessbank's reputation and operations.

Several clients have withdrawn deposits, and the bank has faced increased scrutiny from regulatory authorities.

Political Implications

The case has also become a political issue, with Navalny and ACF using it to criticize the government's alleged corruption and lack of transparency.

The Kremlin has denied any wrongdoing and has accused Navalny of fabricating the allegations to undermine the government.

Ongoing Investigations

The appeal process is expected to take several months, and the outcome will likely have significant implications for both Probusinessbank and ACF.

Meanwhile, the Russian Investigative Committee is conducting a separate criminal investigation into the alleged corruption involving Probusinessbank and former government officials.