Results of provisional administration-conducted inspection of financial standing of JSCB INKAROBANK (JSC)

The provisional administration to manage JSCB INKAROBANK (JSC) (hereinafter, the Bank), appointed by Bank of Russia Order No. OD-2850, dated 31 October 2018, following the banking licence revocation, in the course of its inspection of the Bank’s financial standing established signs suggesting that the Bank’s executives conducted fictitious operations towards siphoning off of assets by disposing securities and claims to a non-resident company financed from suspicious sources and by purchasing illiquid securities of companies with dubious solvency.

The provisional administration estimates the value of the Bank’s assets to be no more than 146.4 million rubles, vs 2,915.8 million rubles of its liabilities to creditors.

On 18 December 2018, 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 the financial transactions bearing the evidence of criminal offence conducted by the Bank’s executives 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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