Results of provisional administration-conducted inspection of JSC IC Sterkh

The provisional administration to manage JSC IC Sterkh (hereinafter, the Company) appointed by Bank of Russia Order No. OD-2482, dated 27 October 2019, following its insurance licence revocation, in the course of the inspection of the Company established facts suggesting syphoning off assets through conducting operations with securities and real estate items, as well as stealing of accountable OSAGO forms.

The provisional administration estimates the value of the Company’s assets to be insufficient to meet its liabilities to creditors and mandatory payments obligations. Taking into account these findings, on 9 January 2020, the Arbitration Court of the Republic of Sakha (Yakutia) recognised the Company as insolvent (bankrupt). The State Corporation Deposit Insurance Agency was appointed as receiver.

As the Bank of Russia had a reasonable assumption that the Company’s officials had performed financial transactions suspected of being criminal offences, the Bank of Russia submitted this information 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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12.05.2020 00.00.00