Bank Menatep was a privately owned bank created by Mikhail Khodorkovsky. The bank's financial condition was seriously damaged during the 1998 financial crisis due to risky investments. The Russian Central Bank revoked Menatep's licence in May 1999. The bankruptcy was finalized by February 2001. In the time between August 1998 and May 1999 the bank's assets were siphoned off by the owners and management defrauding the creditors. Over 15 thousand people lost their saving. A new Bank Menatep Saint Petersburg was created from a Saint Petersburg division of Bank Menatep. It accumulated the assets but not the liabilities of the original bank.
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