Results of inspection of financial standing of LLC CB Agrosoyuz held by provisional administration

The provisional administration to manage LLC CB Agrosoyuz (further referred to as the Bank) appointed by Bank of Russia Order No. OD-2901, dated 7 November 2018, following revocation of its banking licence, in the course of its investigation into the Bank’s financial standing established that the Bank’s executives had conducted operations which suggest the intention to siphon off funds by transferring the Bank’s borrowers’ claims and selling securities, as well as by disbursing till cash to a total of over 10 billion rubles.

Also, the provisional administration encountered obstruction of its operations from the bank’s management team that failed to submit the credit institution’s documents to enable the provisional administration to perform its duties.

The provisional administration estimates the value of the Company’s property (assets) to be insufficient to fulfil its liabilities to creditors. The Bank of Russia applied on 29 November 2018 to the Court of Arbitration of Moscow to declare the Bank bankrupt. The hearing is scheduled for 4 February 2019.

The Bank of Russia submitted the information on the financial transactions bearing the evidence of criminal offence conducted by the Bank’s executives 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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