Serbian court opens bankruptcy proceedings against Alta Bank following alleged vault theft
Belgrade's Commercial Court launched bankruptcy proceedings against Alta Bank following the arrest of executives over an alleged $427 million vault theft, impacting local and Russian depositors.
Belgrade’s Commercial Court has initiated bankruptcy proceedings against Alta Bank after top executives were arrested for allegedly stealing over 45.5 billion Serbian dinars ($427 million) from the institution’s vault. The state activated a deposit guarantee mechanism to refund affected customers following the rapid collapse.
The bank's sudden downfall has caused widespread disruption, particularly affecting Russian emigrants who relocated to Serbia following the 2022 invasion of Ukraine. Many individuals had transferred significant personal funds into Alta Bank accounts shortly before the shutdown, leaving them in financial limbo. State authorities and prosecutors launched coordinated actions as investigations into the internal fraud continue.
Sources: Balkan Insight, OCCRP.
How outlets assessed this
- Nov 4, 2026, 11:30 AM UTC
- Balkan Insight Alarmed Framed the bank collapse through the lens of Russian emigrants facing severe financial uncertainty.
- OCCRP Critical Highlighted executive theft of over $427 million and the bank's ties to the outgoing political regime.