The Economic Crimes Division of Sverdlovsk Region Department of Internal Affairs sent a group of officers to UralTransBank’s headquarters today. According to the Department’s press officer Valeriy Gorelikh, the bank is now under investigation related to criminal suits involving some clients of UralTransBank.

‘The banking business is extremely sensitive to any incidents, particularly to those involving the law-enforcement agencies. It’s hard to say now just how these investigative actions are going to affect the bank’s image and reputation, but it will be clearer in one or two weeks’ time when things start to settle down a bit,’ Vsevolod Chaschin, General Director of Blagodat Securities Investment Company, said to UrBC.

‘It’s also a little early to speak of the possible reaction of the bank’s clients; one needs to allow more time for conclusions of any kind. Personally, I wouldn’t like to use a bank under investigation, even if the Economic Crimes Division is really looking into the affairs of a bank’s client and not into those of the management. I don’t want to put my money in any sort of jeopardy,’ Mr. Chaschin explained.

The premises of the bank were examined, with some papers withdrawn by the police, last February. Then, the criminal lawsuit involved Valeriy Zavodov, the bank’s chairman. He was accused of giving bribes.