On activity of JSC ComSocbank Bumerang

The provisional administration of JSC ComSocbank Bumerang appointed by Bank of Russia Order No. OD-1110, dated 20 May 2015, due to the revocation of the banking licence, in the course of examination of its financial standing has established the fact of withdrawal of assets over 1 billion rubles worth through extending loans to companies with dubious creditworthiness.

Besides, prior to the revocation of the banking licence, while having creditworthiness problems the bank management performed operations to move out liquid assets through paying bonuses to the bank management and personnel in the amount that exceeded manifold their average monthly wages over the last year as well as extended loans to several legal entities with subsequent money transfer to account of the Chairman of the Board and paying him from the cash desk of the bank.

As a result of the examination the provisional administration established that the values of bank assets did not exceed 350 million rubles while its liabilities to creditors amounted to 1,167.7 million rubles. Given the situation, on 2 July 2015, the Court of Arbitration of the Vologda Region took a decision to declare JSC ComSocbank Bumerang insolvent (bankrupt) and to initiate bankruptcy proceedings with the state corporation Deposit Insurance Agency 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 JSC ComSocbank Bumerang to the Prosecutor General’s office of the Russian Federation, the Russian Ministry of Internal Affairs and the Investigation Committee of the Russian Federation for consideration and procedural decision making.

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