On results of provisional administration-conducted financial assessment of Commercial Bank EUROSTANDART LLC

The provisional administration to manage the credit institution Commercial Bank EUROSTANDART LLC, further referred to as the Bank, appointed by Bank of Russia Order No. OD-3387, dated 04.12.2017, following banking licence revocation, in the course of its inspection of banknotes, coins and other valuables, revealed a shortage of over 160 million rubles in cash desks of the credit institution’s internal structural divisions.

Also, in the course of its examination of the bank’s financial standing, the provisional administration revealed the theft of $5 million, committed by unidentified persons from the Bank’s vault.

The provisional administration-conducted probe into the bank’s financial standing further established the Bank’s assets total under 1,200 million rubles, vs over 1,440 million of its liabilities to creditors.

Given these circumstances, on 5 May 2018, the Arbitration Court of the City of Moscow recognised Commercial Bank EUROSTANDART LLC as bankrupt. The State Corporation Deposit Insurance Agency was appointed as a receiver.

The information on financial transactions bearing the evidence of the criminal offence conducted by the former management and officers of Commercial Bank EUROSTANDART LLC was submitted 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 in December 2017 and May 2018 for consideration and procedural decision making.

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