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 results of inspection of financial standing of PJSC OK Bank held by provisional administration

The provisional administration to manage PJSC OK Bank (further referred to as the Bank) as appointed by Bank of Russia Order No. OD-1329, dated 25 May 2018, following banking licence revocation, conducted an investigation of the Bank’s financial standing and identified that the Bank’s management replaced liquid assets with low-liquid securities. Such actions resulted in up to 3.5 billion rubles of financial damage.

Also, the provisional administration encountered obstruction of its operations from the Bank’s management that failed to pass over to the provisional administration part of the originals of credit agreements concluded between the bank and its borrowers, which makes it impossible to recover the debt in court.

The provisional administration estimates the value of the Bank’s assets to be under 1.9 billion rubles, whereas its liabilities to creditors amount to 7.6 billion rubles, including 5.9 billion rubles to individuals.

The Bank of Russia submitted a claim to the Court of Arbitration of the Yaroslavl Region to declare the bank bankrupt. The hearing is scheduled for 29 August 2018.

The Bank of Russia sent the information on the financial transactions bearing the evidence of criminal offence, conducted by the Bank’s executives, to law enforcement authorities of the Russian Federation for consideration and procedural decision making.

06 August 2018

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