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Poland: Central Bank Closes Gavrilov Bank

  • Chris Klimiuk

Warsaw, 22 April 1997 (RFE/RL) - Poland's Central Bank has ordered the Guarantee and Trust Bank (BPG) closed down. The bank is owned by Sergei Gavrilov, whom Polish reports have identified as a former KGB agent, and his bank has been linked to money-laundering schemes.

For months Polish media have reported on the bank, and quoted Polish authorities as saying Gavrilov's bank was suspected as a front for Russian investment in strategic sectors of Poland's economy. The Central Bank said it took yesterday's action because the deposits and savings of clients was in jeopardy of being lost.