Results of provisional administration-conducted inspection of JSC Kranbank

The provisional administration to manage JSC Kranbank (hereinafter, the Bank) appointed by Bank of Russia Order No. OD-2851, dated 13 December 2019, following the revocation of its banking licence, in the course of the inspection of the Bank established the existence of signs suggesting the diversion of assets through lending to borrowers with dubious solvency or knowingly unable to fulfil their obligations.

Due to the insufficiency of the Bank’s assets to honour its obligations to creditors, on 17 March 2020, the Arbitration Court of the Ivanovo Region recognised the Bank as insolvent (bankrupt). The State Corporation Deposit Insurance Agency was appointed as receiver.

As the Bank of Russia reasonably presumes that the Bank’s officials were? engaged in financial operations suggestive of criminal offence, the Bank of Russia submitted relevant information supplementing previously sent data to the Prosecutor General’s Office of the Russian Federation and the Investigative Committee of the Ministry of Internal Affairs of the Russian Federation for consideration and procedural decision-making.

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30.04.2020 00.00.00