The Supreme Court of Slovakia sentenced Ivan BARRI, a former Director of the Securities Market, Insurance and Pension Savings Department of the National Bank of Slovakia, to five years in prison in case of the bankruptcy of former life insurer Rapid Life, local media announced.

Finreport.sk wrote that according to the indictment, Ivan BARRI took bribes worth EUR 11 thousand for the fact that NBS to not impose the strictest sanctions on insurer Rapid Life, as part of its supervision .

"The sentence is valid, and the convicted person was immediately ordered to serve his sentence".

"Bribes of 11,000 euros were allegedly provided to him for not imposing the most severe sanctions on the company in connection with the NBS's supervision of Rapid Life," the Office of the Special Prosecutor's Office said, Finreport.sk reported.

In January 2018, the Kosice I District Court has declared bankruptcy on the assets of the Kosice-based life insurance company Rapid Life, TASR wrote.

The bankruptcy proceedings proposal was filed in late November by the insurer's administrator Irena SOPKOVA. There were affected 14,730 individuals and about 50 legal entities, in a total amount of EUR 26 million, wrote TASR, adding that the company's assets were negligible on the date the bankruptcy motion was filed.

The former management of the insurance company reported the suspected corruption in the NBS.