On the results of due diligence of OJSC CB Stroycredit conducted by the provisional administration
The provisional administration of OJSC CB Stroycredit appointed by Bank of Russia Order No. OD-327, dated 18 March 2014, due to the revocation of its banking licence, established in the course of due diligence of the credit institution that the value of assets of OJSC CB Stroycredit accounted for less than 7 billion rubles with liabilities to creditors amounting to 16.2 billion rubles.
The provisional administration established that insufficiency of value of the bank’s assets to fully meet the creditors’ claims resulted primarily from withdrawal of assets in the amount of 9.9 billion rubles through purchases of units in closed-end unit investment funds and sales of securities formerly owned by the bank shortly before the licence revocation that have not been reflected in the financial statements.
Besides, when analysing loan portfolio, the provisional administration established facts of extending loans in the total amount of over 2 billion rubles to shell companies which ceased not only servicing loans with the bank, but also making payments connected with conducting real economic activity through the Bank of Russia settlement system after the revocation of the bank’s licence.
At the same time, when compiling a register of liabilities of OJSC CB Stroycredit to depositors it was established that shortly before the licence revocation when the bank experienced solvency problems it implemented mass transactions to transform creditors’ claims on monetary liabilities to a more privileged order of their implementation and splitted household deposits in order to decrease their amount to the maximal acceptable level of insurance compensation. As the result of the above-mentioned operations liabilities to households in the total amount of 400 million rubles subject to insurance compensation were accumulated.
In these circumstances, on 30 May 2014, the Arbitration Court of the city of Moscow adjudicated to recognise OJSC CB Stroycredit as insolvent (bankrupt) and to initiate bankruptcy proceedings. The state corporation Deposit Insurance Agency has been 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 OJSC CB Stroycredit 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.
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09.07.2014 00.00.00