On RITZ Bank operations

The provisional administration of International Commercial Bank of Investment and Technology Development (Center) RITZ Bank Ltd, further referred to as the credit institution, appointed by Bank of Russia Order No. OD-1397, dated 29 May 2017 with effect from 29 May 2017, due to the revocation of the banking licence, encountered obstruction of its operations, with the intention, as the Bank of Russia believes, of hiding the actual misappropriation (siphoning off) of the bank’s assets. The credit institution’s management failed to submit documents, databases and other information for the provisional administration to conduct its functions. Also, the provisional administration failed to locate, in the credit institution’s office, documents and details of financial transactions which had been conducted before the Bank of Russia cancelled the credit institution’s licence and which the Bank of Russia found in the course of its current probe to be suggesting breach of legislation; they resulted in at least 220 million rubles of damage done to the credit institution.

The Bank of Russia submitted the information on the operations conducted by the former management and owners of the credit institution which bear the evidence of criminal offence to the Prosecutor General’s Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and Russian Investigative Committee for consideration and procedural decision making.

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