On results of inspection of financial standing of CB SVA (JSC) held by provisional administration

The provisional administration of CB SVA (JSC), appointed by Bank of Russia Order No. OD-2377, dated 21.08.2017, due to the revocation of its banking licence, in the course of examination of the bank’s financial standing revealed that the bank’s management and officials had executed transactions aimed at moving out liquid assets, including by issuing loans to borrowers with dubious solvency or invariably not able to fulfil their obligations, and also by selling securities on a deferred-payment basis to companies not engaged in real business activities. Besides, in the course of its examination, the provisional administration found out that the bank had invested in the affiliated company, 95% of assets of which are unrecoverable.

The provisional administration estimates the value of the bank’s assets to be not more than 0.4 billion rubles, whereas its liabilities to creditors exceed 1.9 billion.

On 29.11.2017, 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 officials of CB SVA (JSC) 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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