On the results of financial position estimation of open joint-stock company AF Bank made by provisional administration

Provisional administration to manage the open joint-stock company AF Bank appointed by Bank of Russia Order No. OD-699, dated 17 April 2014, due to the revocation of the banking licence launched a financial position estimation and revealed the facts of withdrawing of no less than 980 million rubles from the bank assets.

Based on the results of this investigation the provisional administration stated that the bank has insufficient assets to fully meet the claims of its creditors, for which reason on 30 June 2014 the Arbitration Court of the Republic of Bashkortostan took a decision to declare the open joint-stock company AF Bankinsolvent (bankrupt) and to open bankruptcy proceedings with the state corporation Deposit Insurance Agency approved as a receiver.

The information about financial operations with criminal offence indications carried out by the former management and owners was forwarded by the Bank of Russia to the Office of the Prosecutor General of the Russian Federation and the Russian Interior Ministry for investigation and taking appropriate procedural decisions.

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02.09.2014 00.00.00