The Bank of Russia applied to Sverdlovsk Region Arbitration Court in order to make sure OAO Uralfinprombank is declared bankrupt. The court hearing has been scheduled for February 2, 2011.

The bank’s license was actually revoked on December 20, 2010. Russia’s Central Bank reported the bank lost its own funds as it had no securities to account for and failed to meet its creditor obligations in due time.

OAO Uralfinprombank was a member of Finpromco Group controlled by a businessman and a House of Representatives deputy Anatoly Pavlov. Once the group’s assets had to be divided, the bank was handed over to Pavlov’s business partner Ildar Gubayev.