ERB bank ex-managers face billion-koruna fraud trial in Prague

Three former executives of the former Euro-Russian Bank (ERB bank) appeared before a Prague municipal court via videoconference to deny charges involving a 1.378 billion CZK loss. The defendants, Roman Popov, Anton Suchov, and Alexander Lebedev, are accused of executing a risky 60 million euro investment in 2015 that violated regulations and limits.

Prosecutors allege the transaction was falsely presented as being secured by high-rated government bonds, while its true purpose was to transfer bank funds to a friendly foreign bank. The defendants deny any criminal intent or wrongdoing, asserting that risk analyses were conducted and that the investment was properly approved by bank authorities.

The legal proceedings follow the 2016 revocation of the bank's license by the Czech National Bank. Due to entry bans on Russian citizens following the invasion of Ukraine, the accused are participating in the trial remotely.