Procedural History

The Superintendent of Banks has initiated formal proceedings to start the claims-payment process in the receiverships of the New York-licensed agencies of Jugobanka A.D., Beograd ("Jugobanka") and Beogradska Banka A.D., Beograd ("Beogradska Banka"), two financial institutions headquartered in Belgrade in the former Federal Socialist Republic of Yugoslavia.

In the early 1980s, the Superintendent granted licenses to Jugobanka and Beogradska Banka to operate banking agencies in New York State. Starting in June 1992, the U.S. imposed economic sanctions on the former Yugoslavia, which resulted in the U.S. government shutting down the agencies and freezing their assets. The agencies' assets remained frozen for more than a decade. In 2002, when the parent banks were put into receivership in Yugoslavia, the Superintendent took possession of the agencies in his capacity as receiver of insolvent New York-licensed banks. Litigation then ensued over administrative rights to the agencies' assets between the Superintendent and the government-appointed receiver of the parent banks in Belgrade. Since resolving the litigation, including premature litigation by two creditors, the Superintendent has been working diligently to prepare for claims administration.

On July 22, 2011, the Superintendent gave notice that all claims for recovery against the agencies' assets must be received or postmarked by January 22, 2012 or they will be forever barred.