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Central bank moves to ban ‘golden parachutes’ for bankrupt insurance companies

September 28th, 2017
Categories: News

Link: https://www.rt.com/politics/404870-central-bank-moves-to-ban/

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The Russian Central Bank and Finance Ministry have prepared a bill that would ban senior executives of insolvent insurance companies being rescued by the state from receiving large compensation payouts, known as ‘golden parachutes’. In particular, the new bill would introduce “a ban on certain financial operations preventing the insolvent company’s managers from pulling the funds out of their corporations at the very last moment” and qualify any attempt to do so as embezzlement.

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