KREDITTRUST DECLARED BANKRUPT

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MOSCOW, AUGUST 11 (RIA Novosti) - The Moscow Arbitration Court has declared bankrupt the commercial bank Kredittrust, thus allowing the claim from the Central Bank of the Russian Federation.

The ruling can be appealed within a month.

The preceding session of the Arbitration Court was adjourned for becoming familiar with the case materials and submitting additional documents.

As reported earlier, Kredittrust payables add up to 3,648 million rubles (1 dollar equals 29.29 rubles), of which 405 million rubles on personal deposits, 570 million to enterprises and organizations, 192 million to credit institutions, eight million rubles tax debts and 7.4 million rubles wage debts.

As of June 24, 2004, Kredittrust assets stood at 6,376 billion rubles.

Meanwhile, in the opinion of the Kredittrust provisional administration, the bank's liquid assets are not exceeding 350 million rubles, of which 270 million rubles in the Obligatory Reservation Fund, eight million rubles cash, eight million rubles balance on correspondent accounts. In addition, the bank has issued 148 million rubles of loans.

The Bank of Russia withdrew Kredittrust's license on June 24, 2004 and appointed the provisional administration on the same day.

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