Press Service

The Central Bank of the Russian Federation (Bank of Russia)

Press Service

12 Neglinnaya Street, Moscow, 107016 Russia;
www.cbr.ru

Information Notice

On operations of provisional administration to manage Joint-stock Insurance Company INVESTSTRAKH

Considering the fact that Joint-stock Insurance Company INVESTSTRAKH (further referred to as the Company) failed to execute Bank of Russia instructions, according to Bank of Russia Order No. ОD-980, dated 17.04.2018, the Company’s insurance licence was suspended; according to Bank of Russia Order No. ОD-984, dated 17.04.2018, a provisional administration was appointed for a term of six months.

The Company’s failure to timely remedy breaches of insurance regulation entailed the revocation of its insurance licences, by virtue of Bank of Russia Order ОD-1118, dated 27.04.2018.

The provisional administration, acting within its mandate, established facts suggesting that the Company’s former management and owners had conducted transactions aimed at siphoning off corporate assets.

The provisional administration estimates the value of the Company’s property (assets) to be insufficient to fulfil its liabilities to creditors and mandatory payments obligations.

The Court of Arbitration of Moscow ruling dated 18.06.2018 recognised the Company as insolvent (bankrupt); it was taken into administration for one year. The Deposit Insurance Agency State Corporation was appointed as receiver.

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

31 July 2018

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