On the results of examination of the financial standing of MC Bank LLC conducted by the provisional administration

The provisional administration of MC Bank LLC appointed by Bank of Russia Order No. OD-804, dated 24 April 2014, due to the revocation of its banking licence, has established the fact of theft of cash funds in the amount of approximately 239 million rubles in the cash offices of the head office and internal structural divisions of the bank in the course of analysis of its financial standing.

Besides, the provisional administration has established facts of withdrawal of assets in the amount of at least 490 million rubles through extending loans to companies with dubious creditworthiness.

Consequently, in the result of the examination the provisional administration established insufficiency of the bank’s assets to fully meet creditors’ claims due to which on 30 June 2014, the arbitration court of the city of Moscow took a decision to recognise MC Bank LLC insolvent (bankrupt) and to initiate the bankruptcy proceedings. S.A. Podobedov (Non-Profit Partnership Self-Regulatory Organisation of Receivers Interregional Centre of Experts and Receivers) has been appointed as a receiver.

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

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01.08.2014 00.00.00