On activity of CB Intercredit (JSC)

In the course of performing its supervisory function with regard to the activities of CB Intercredit (JSC), the Bank of Russia established facts of gross misreporting of data received from this bank, as these data did not show its real financial standing and failed to include the bank’s default on its obligations to creditors.

The presentation of reliable statements by CB Intercredit (JSC) would have resulted in the Bank of Russia obligation to revoke the bank’s licence pursuant to Clause 4 of Part 2 of Article 20 of the Federal Law ‘On Banks and Banking Activities’.

The Bank of Russia demanded CB Intercredit (JSC) to present reliable statements, but this was left unmet by the bank.

Thus, by gross misreporting, the bank’s management deliberately concealed from the supervisory authority the grounds for the obligatory revocation of its banking licence that bore the evidence of a criminal offence, specified in Article 172.1 of the Criminal Code of the Russian Federation.

By its Order No. OD-2081, dated 29 June 2016, the Bank of Russia revoked the banking licence of CB Intercredit (JSC) from 29 June 2016.

The Bank of Russia submitted information on the activity of management of CB Intercredit (JSC) bearing the evidence of the criminal offence to the Investigative Committee of the Russian Federation for consideration and procedural decision-making.

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28.07.2016 00.00.00