On results of inspection of financial standing of OJSC CB ICF held by provisional administration

During the examination of financial standing of the credit institution, the provisional administration to manage OJSC CB ICF appointed by Bank of Russia Order No. OD-1655, dated 7 July 2014, due to the revocation of its banking licence, revealed operations effected by the bank’s management which bear evidence of diverting bank’s assets through issuing loans in the amount of 353.9 million rubles to organisations with doubtful creditworthiness.

According to the estimates made by the provisional administration, the value of assets of OJSC CB ICF does not exceed 299.9 million rubles, while its liabilities to creditors amount to 460.6 million rubles.

Under these circumstances, on 18 August 2014, the Arbitration court of the city of Moscow took a decision to recognize OJSC CB ICF insolvent (bankrupt) and to initiate bankruptcy proceedings with the state corporation Deposit Insurance Agency 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 owners of OJSC CB ICF to the General Prosecutor’s Office of the Russian Federation and the Ministry of Internal Affairs of the Russian Federation for consideration and procedural decision making.

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02.12.2014 00.00.00