Results of inspection of financial standing of Russky Natzionalny Bank held by provisional administration

The provisional administration to manage Russky Natzionalny Bank (hereinafter, the Bank) appointed by Bank of Russia Order No. OD-1435, dated 6 June 2018, following the banking licence revocation, in the course of the inspection of the Bank’s financial standing established that the Bank’s management conducted operations to divert funds through lending to legal entities, including those affiliated with the Bank, with dubious creditworthiness or which might deliberately default on their obligations.

By the ruling of the Fifteenth Arbitration Court of Appeal, dated 7 November 2018, the Bank was recognised as insolvent (bankrupt). The State Corporation Deposit Insurance Agency was appointed as a receiver.

The Bank of Russia submitted the information on the financial transactions bearing the evidence of criminal offence conducted by the Bank’s officials to the Prosecutor General’s Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation for consideration and procedural decision making.

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