Ninth Court of Appeal of the City of Moscow brought valid decision by which the decision of court of first instance, on revoking the license to operate of Atlas Bank Moscow has been cancelled.
Today decision of the Russian Federation organs represent the satisfaction for all our endeavors taken in the last period to prove that the decision from May, brought by Central Bank of Russia was unjustified, too rigid and has not been based on legal foundations.
Especially delightful is the fact that all arguments of our legal team, led by law firm Just As in this process , are accepted, which confirms that the Decision of Central Bank of Russia was motivated by other reasons, and not by those quoted in the decisions itself, and on which we have informed the public beforehand.
Even Atlas Bank, has unjustified sustained the damage with the decision of Central Bank Russia, especially if we take into consideration the reasons included, the Management of our Bank will take over managing operations from the Russian Central Bank, effective immediately from the moment the decision enforcing by of the Court in Moscow, expected to happen in the next few days, after the relevant publications in the official courier and the media.
Based on the stated above, Atlas Bank will gain conditions for the whole custody of its Clients and depositors, majority shareholder, with remark that colleagues from the Russian Central Bank, managing the Bank from the moment decision came on force, operated on a very professional way.
At the same time, we will continue with the negotiations, which are currently reaching the last phase of selling of 100 % of shares in Atlas Bank Moscow to the Russia-Serbian consortium, for which we believe will be successfully completed soon, especially after today’s decision of the Court in Moscow.
Atlas Banka Department for Legal Affairs
