On results of inspection of financial standing of JSC RIB held by provisional administration

The provisional administration of JSC RIB, appointed by Bank of Russia Order No. OD-2551, dated 04.09.2017, following the revocation of its banking licence, in the course of examination of the bank’s financial standing revealed that at the time of solvency problems the Bank’s management closed transactions aimed at diverting liquid assets through lending to borrowers of dubious creditworthiness and not engaged in real business activity, as well as through transfer of credit claims to legal entities.

Besides, the provisional administration revealed operations conducted despite the signs of bankruptcy and aimed at the deliberate and wrongful satisfaction of property claims of certain customers at the expense of the debtor’s property and to the detriment of other creditors.

The provisional administration estimates the value of the Bank’s assets to be not more than 6.8 billion rubles, vs more than 11.9 billion rubles of its liabilities to creditors.

On 07.11.2017, 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 officers of JSC RIB 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 in December 2017 and April 2018 for consideration and procedural decision making.

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