National Bank temporarily takes over Belgazprombank

Belgazprombank in Minsk / Euroradio
Belgazprombank in Minsk / Euroradio

The National Bank of Belarus has placed Belgazprombank under temporary administration.

The regulator's official website says the 14 June National Bank's Resolution No192 aims to protect the interests of depositors and creditors and to prevent a deterioration of the bank's financial situation. Temporary administration at Belgazprombank is effective from 15 June.

The National Bank has referred to Articles 94, 97, 134, 1341 in the Banking Code to justify the measure, adding that temporary administration will run the bank after the Financial Investigation Department has opened several criminal cases against the bank's current top managers. 

Nadzeya Yermakova, ex-head of the National Bank, has been appointed as the interim CEO. The powers of Belgazprombank's management board have been suspended for the period of temporary administration.

On 11 June, agents raided Belgazprombank's headquarters and several associated companies. 15 people, including Belgazprombank's top managers, were detained in connection with the criminal cases dealing with large-scale tax evasion. 

On 12 June, State Control Committee's chairman Ivan Tsertsel said he had evidence that ex-Belgazprombank's CEO and alternative presidential nominee Viktar Babaryka was involved in wrongdoings. 

The attack on Belgazprombank occurred shortly after Babaryka started his presidential election campaign. He has described the actions of the authorities as political pressure on him.

Gazprom and Gazprombank, the majority shareholders with 99% of shares, have said the actions of the Belarusian authorities are illegitimate. 

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