Op risk data: Rost Bank rumbled – execs conspired in 107bn ruble ruse
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The embezzlement of 107 billion rubles ($1.8 billion at current rates) by a group of former Rost Bank executives gave rise to August’s largest recorded loss. The funds were allegedly misappropriated during a restructuring, which began in 2014 and was overseen by another Russian bank, Binbank. Sometime around September 2015, a group of senior figures from the two banks reportedly negotiated a $40 million loan agreement between Rost Bank and Stratola Investments, a Cyprus-based company controlled
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