Operations of provisional administration to manage Limited Liability Company Insurance Company Accept

The provisional administration of Limited Liability Company Insurance Company Accept (the Company), appointed by Bank of Russia Order No. OD-2651, dated 12 October 2018, following the Company’s failure to meet the Bank of Russia’s instructions and violation of financial stability and creditworthiness requirements, analysed the Company’s financial standing and established that the Company’s officials conducted operations bearing the evidence of asset diversion through the sale of real estate.

The provisional administration estimates the value of the Company’s assets to be no more than 756 million rubles, vs 870 million rubles of its liabilities.

On 19 February 2019, the Arbitration Court of the Samara Region recognised the Company as insolvent (bankrupt).

The State Corporation Deposit Insurance Agency was appointed as receiver.

In addition to the information sent earlier, the Bank of Russia submitted information on financial transactions bearing the evidence of criminal offence conducted by the Company’s officials to the Prosecutor General’s Office of the Russian Federation and the Investigative Department of the Ministry of Internal Affairs of the Russian Federation for consideration and procedural decision-making.

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