On results of inspection of financial standing of credit institution JSC AC Bank by provisional administration

The provisional administration to manage JSC AC Bank appointed by Bank of Russia Order No. OD-774, dated 29.03.2018, following the revocation of its banking licence, in the course of examination of the bank’s financial standing revealed that its 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 debt and transfer of credit claims under corporate loan agreements.

Also, the provisional administration encountered obstruction of its operations from the bank’s management that failed to submit evidence of ownership of the bank’s assets to a total of over 1.3 billion rubles.

The provisional administration estimates the value of the bank’s assets to be not more than 18.7 billion rubles, vs more than 25 billion rubles of its liabilities to creditors.

On 21.05.2018, the Arbitration Court of the Samara Region recognised the bank as 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 officials of JSC AC Bank 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 for consideration and procedural decision making.

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