Results of provisional administration-conducted inspection of Bank Prime Finance (JSC)

The provisional administration to manage Bank Prime Finance Public Limited Company, or Bank Prime Finance PLC (hereinafter, the Bank) appointed by Bank of Russia Order No. OD-1303, dated 6 June 2019, following its banking licence revocation, in the course of its inspection of the Bank, established evidence suggesting that the Bank’s owner and executives conducted operations to either siphon off funds or conceal assets previously siphoned off — by theft of funds or abuse of authority.

The provisional administration estimates the value of the Bank’s assets to be insufficient for it to meet its liabilities.

The Bank of Russia applied to the Court of Arbitration of Saint Petersburg and the Leningrad Region to declare the Bank insolvent (bankrupt). The hearing is scheduled for 30 October 2019.

The Bank of Russia submitted the information on financial transactions evidencing criminal offence to the Prosecutor General’s Office of the Russian Federation and the Investigative Committee of the Ministry of Internal Affairs of the Russian Federation for consideration and procedural decision-making.

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