On results of examination of financial standing of LLC TANDEMBANK conducted by provisional administration

The provisional administration of LLC TANDEMBANK appointed by Bank of Russia Order No. OD-700, dated 2 April 2015, due to the revocation of its banking licence revealed in the course of examination of the credit institution’s financial standing that the value of assets of LLC TANDEMBANK did not exceed 62.1 million rubles while its liabilities to creditors amounted to 396.6 million rubles.

The main reason of insufficient bank’s assets to fully meet creditors’ claims were the facts revealed by the provisional administration of moving out the assets through extending known unrecoverable loans worth over 900 million rubles to companies absent at their stated registration addresses which stopped servicing loan debts after the revocation of the banking licence.

Under the current circumstances, on 9 June 2015, the Court of Arbitration of the city of Moscow took a decision to recognise LLC TANDEMBANK insolvent (bankrupt) and to initiate bankruptcy proceedings with the state corporation Deposit Insurance Agency appointed as a receiver.

The Bank of Russia has submitted the information on the financial transactions bearing the evidence of criminal offences conducted by the former management and owners of LLC TANDEMBANK to the Prosecutor General’s Office of the Russian Federation, Russian Ministry of Internal Affairs and the Investigation Committee of the Russian Federation for consideration and procedural decision making.

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02.09.2015 00.00.00