On the results of the provisional administration-conducted financial assessment of Commercial Bank Vega Bank Limited Company

The provisional administration to manage Commercial Bank Vega Bank Limited Company, further — the Bank, as appointed by Bank of Russia Order No. OD-4397, dated 9 December 2016, following banking licence revocation, conducted a probe into the Bank’s financial standing. The probe found that in the run-up to the revocation of the licence the credit institution’s management and owners conducted transactions to transfer liquid assets out of the bank and replace them with credit claims on loans to borrowers of doubtful solvency, as well as to unencumber the real estate pledged to the Bank.

The provisional administration estimates the value of the Bank assets to be under 2,694.5 million rubles, vers. 3,597.9 million of its liabilities to creditors including 2,565.7 million rubles to individuals.

On 1 March 2017, the Arbitration Court of the City of Moscow recognised the Bank as insolvent (bankrupt). 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 Bank’s former management and owners to the Prosecutor General’s Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation for consideration and procedural decision making.

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