On results of inspection of financial standing of OJSC BANK PRIORITET held by provisional administration
During the examination of financial standing of the bank, the provisional administration to manage the OJSC BANK PRIORITET appointed by Bank of Russia Order No. OD-2650, dated 30 September 2014, due to the revocation of its banking licence, revealed the existence of scale transactions aimed at withdrawing assets from the bank.
The facts were established that the unsecured loans were issued to a limited group of private individuals as well as legal entities with fictitious addresses worth 532.4 million rubles, and investments were made in the units of the credit closed-end unit investment fund of the bank worth 52.1 million rubles which assets were actually fully represented as a loan of organisation with unknown creditworthiness.
Besides, the provisional administration revealed a high volume of transactions which resulted in a fictitious termination of obligations under loan agreements of the bank’s borrowers in the total amount of 617.5 million rubles, and the sale of a land plot with a balance-sheet value of 66 million rubles.
At the same time, when the bank experienced creditworthiness problems its management and owners were withdrawing cash from their deposit accounts in the total amount of 185.3 million rubles, and the loan liabilities of its top manager in the amount of 81.8 million rubles were terminated through granting the land plots as a payoff with their market value being substantially overstated according to the Bank of Russia.
The examination made by the provisional administration revealed that that the assets value of the OJSC BANK PRIORITET did not exceed 972.9 million rubles, while its liabilities to creditors amounted to 1,333.7 million rubles.
Under these circumstances, on 30 October 2014, the Arbitration Court of the Samara Region took a decision to recognize OJSC BANK PRIORITET insolvent (bankrupt) and initiate bankruptcy proceedings with the state corporation Deposit Insurance Agency appointed as a receiver.
The Bank of Russia submitted the information on financial transactions bearing the evidence of the criminal offence conducted by the former management and owners of the OJSC BANK PRIORITET to the General Prosecutor’s Office of the Russian Federation and the Ministry of Internal Affairs of the Russian Federation for consideration and procedural decision making.
The reference to the Press Service is mandatory if you intend to use this material.
05.12.2014 00.00.00