Sverdlovsk Region Arbitration Court resumed the hearing of the claim laid by the Bank of Russia’s Main Division in Sverdlovsk Region (on behalf of the Central Bank of Russia as a whole) against Ural Innovational Commercial Bank (UIC Bank) and Alexei Bagaryakov, Galina Devonina, and Nadezhda Zykova on December 28, 2009. The claim is related to how the defendants applied the consequences stemming from the invalidity of some legal transactions.

The plaintiff insists that the transaction through which Alexei Bagaryakov sold UIC Bank’s 19.9% and 5.1% shareholdings to Galina Devonina and Nadezhda Zykova, respectively, was void and its consequences invalid as no permission for this transaction had been obtained from the Central Bank.

The bank started questioning the validity of the transactions after some new details of the case had been revealed. For one, the purchase and sale transaction took place in November 2007; it was only in August 2009 that UIC Bank informed the Bank of Russia’s Main Division in Sverdlovsk Region that Galina Devonina and Nadezhda Zykova were actually full sisters.

This was why the bank’s division now demands that Alexei Bagaryakov pays back 8.46 million RUR and 2.2 million RUR to Galina Devonina and Nadezhda Zykova, respectively. The two siblings must give Bagaryakov back the 19.9% and 5.1% shareholdings, respectively, the bank maintains.