On results of inspection of financial standing of NATSCORPBANK (JSC) by provisional administration

The provisional administration of NATSCORPBANK (JSC) appointed by Bank of Russia Order No. OD-901, dated 17 March 2016, due to the revocation of its banking licence encountered an obstruction of its activity starting the first day of performing its functions.

In violation of Russian legislation NATSCORPBANK (JSC) management failed to provide the provisional administration with original loan agreements worth about 400 million rubles.

The provisional administration of NATSCORPBANK (JSC) detected in the course of examination of the credit institution’s financial standing operations carried out by its former management which bear the evidence of moving out assets worth over 495 million rubles mainly through extending loans to companies not involved in any real business operations.

According to estimates by the provisional administration, the asset value of NATSCORPBANK (JSC) did not exceed 996.4 million rubles, while its liabilities to creditors amounted to 1,620.9 million rubles.

On 14 June 2016, the Court of Arbitration of the city of Moscow took a decision to recognise NATSCORPBANK (JSC) insolvent (bankrupt) and initiate bankruptcy proceedings with the state corporation Deposit Insurance Agency appointed as a receiver.

The Bank of Russia has submitted the information on the financial transactions bearing the evidence of criminal offences conducted by the former management and owners of NATSCORPBANK (JSC) to the Prosecutor General’s Office of the Russian Federation, the Russian Ministry of Internal Affairs and the Investigative Committee of the Russian Federation for consideration and procedural decision making.

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09.08.2016 00.00.00