On results of inspection of financial standing of credit institution CB IFB by provisional administration

The provisional administration of the credit institution Commercial Bank International Fund Bank LLC (CB IFB LLC) appointed by Bank of Russia Order No. OD-2853, dated 4 October 2017, following the revocation of its banking licence, in the course of examination of its financial standing has revealed evidence that the bank’s former management used vested authority for own benefits and advantages counter to the lawful interests of creditors and depositors, including by using customers’ funds without their consent.

The provisional administration estimates the value of CB IFB LLC assets to be no more than 0.9 billion rubles, whereas its liabilities to creditors amount to 2.8 billion rubles, including 1.9 billion rubles to individuals.

On 25.12.2017, the Arbitration Court of the city of Moscow recognised the bank as insolvent (bankrupt). The state corporation Deposit Insurance Agency was appointed as a receiver.

The Bank of Russia submitted the information on financial transactions bearing the evidence of the criminal offence conducted by the former management and owners of CB IFB LLC 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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