On results of inspection of financial standing of Dagenergobank LLC held by provisional administration

During the inspection of financial standing of the credit institution, the provisional administration of Dagenergobank LLC appointed by Bank of Russia Order No. OD-618, dated 24 March 2015, due to the revocation of its banking licence, revealed that the value of assets of Dagenergobank LLC did not exceed 2,150.4 million rubles, while its obligations to creditors amounted to 2,669.6 million rubles.

The main reason for insufficiency of the bank’s assets to fully meet creditors’ claims is the revealed asset withdrawal through issuing loans to borrowers with dubious creditworthiness and making contracts on disposal of assets previously received under accord and satisfaction agreements without payment for the disposed assets in the total amount of over 900 million rubles.

Besides, the former management of the bank failed to provide the provisional administration with documents of title for real estate worth over 100 million ruble.

Under these circumstances, on 4 June 2015, the Arbitration Court of the Republic of Dagestan adjudicated to recognise Dagenergobank LLC as insolvent (bankrupt) and to initiate bankruptcy proceedings. 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 owners of Dagenergobank LLC to the Prosecutor General’s Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and the Investigation Committee of the Russian Federation for consideration and procedural decision making.

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31.07.2015 00.00.00