Results of provisional administration-conducted inspection of LLC RAM Bank

The provisional administration to manage Limited Liability Company RAM Bank (hereinafter, the Bank) appointed by Bank of Russia Order No. OD-1744, dated 26 July 2019, following the revocation of the Bank’s banking licence, established in the course of its inspection of the Bank that the Bank’s officials conducted operations to divert funds through financing entities of dubious solvency or knowingly unable to fulfil their obligations, which caused damage amounting to at least 2.2 billion rubles.

According to the assessment by the provisional administration, the value of the Bank’s assets is insufficient to fulfil its obligations to creditors.

On 16 October 2019, the Arbitration Court of the City of Moscow recognised the Bank as insolvent (bankrupt). The State Corporation Deposit Insurance Agency was appointed as receiver.

The Bank of Russia submitted the information on the financial transactions suspected of being criminal offences that had been conducted by the Bank’s officials to the Prosecutor General’s Office of the Russian Federation and the Investigative Committee of the Ministry of Internal Affairs of the Russian Federation for consideration and procedural decision-making.

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