On results of inspection of financial standing of OJSC CB Doninvest held by provisional administration

During the examination of financial standing of the credit institution, the provisional administration of OJSC CB Doninvest appointed by Bank of Russia Order No. OD-2782, dated 9 October 2014, due to the revocation of its banking licence, revealed that the value of assets of OJSC CB Doninvest did not exceed 698.4 million rubles, while its liabilities to creditors amounted to 1906.4 million rubles.

The main reason for insufficiency of the bank’s assets to fully meet the creditors’ claims is the operations to replace the larger share of the loan portfolio through the debt transfer and extension of new bad loans during the change of the bank’s owners. Besides, the bank’s management extended deliberately bad loans and purchased real estate in the total amount of 152.5 million rubles in the period of solvency difficulties.

Under these circumstances, on 16 December 2014, the Arbitration Court of the Rostov Region adjudicated to recognise OJSC CB Doninvest as insolvent (bankrupt) and to initiate bankruptcy proceedings. The state corporation Deposit Insurance Agency was 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 Doninvest 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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13.02.2015 00.00.00