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 the activity of the provisional administration of insurance Joint-stock Company YuZhURALZhASO

Due to the suspension of the insurance licence of insurance Joint-stock Company YuZhURALZhASO (hereinafter, the Company) by Bank of Russia Order No. OD-92, dated 19.01.2018, following the violation of the requirements for maintaining financial stability and solvency by the Company, a provisional administration to manage the Company for a term of six months was appointed effective from 22.01.2018.

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-230, dated 01.02.2018.

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

On 22.05.2018, the Arbitration Court of the City of Moscow recognised the Company as bankrupt. The Deposit Insurance Agency State Corporation was appointed as receiver.

The information on the transactions bearing the evidence of criminal offence, conducted by the Company’s executives and owners, was sent to law enforcement authorities for consideration and procedural decision making.

02 August 2018

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