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PSB Bank Seeks Bankruptcy Declaration for Former Deputy Defense Minister Timur Ivanov

PSB Bank has filed a petition to declare former Deputy Defense Minister Timur Ivanov bankrupt due to his inability to fulfill credit obligations. The petition was filed with the Moscow Arbitration Court on June 11.

Ivanov, who served as Deputy Defense Minister from May 2016, is accused of accepting a bribe and has been in custody since his arrest on April 23, 2024. His lawyer, Murad Musaev, explained that Ivanov took out a loan from PSB to purchase a house.

However, due to his detention and the seizure of his property, he is unable to service the debt. Musaev stated that this situation prompted the bank’s legal action.

Ivanov was suspended from his post in May 2024 and officially dismissed in June 2024. In November, he faced additional charges of embezzlement and money laundering. Court hearings regarding his case, which involve disputes over state secrets, began in the spring of this year.