On results of examination of financial standing of CJSC Bank SOFRINO conducted by provisional administration

The provisional administration of CJSC Bank SOFRINO appointed by Bank of Russia Order No. OD-1252, dated 2 June 2014, due to the revocation of the banking licence from the bank revealed in the course of examination of financial standing of the credit institution that the value of assets of CJSC Bank SOFRINO did not exceed 1.6 billion rubles while its liabilities to creditors amounted to 6.2 billion rubles.

The main reason for the insufficiency of the bank’s value of assets to fully meet the creditors’ claims is the facts of asset withdrawal through issuing knowingly unrecoverable loans and effecting transactions to substitute liquid assets for loans to organisations with obscure creditworthiness in the total amount of 4.9 billion rubles revealed by the provisional administration.

Under these circumstances, on 28 July 2014, the Arbitration court of the city of Moscow took a decision to recognise CJSC Bank SOFRINO insolvent (bankrupt) and to initiate bankruptcy proceedings. The state corporation Deposit Insurance Agency has been appointed as a receiver.

The Bank of Russia has submitted the information on the financial transactions bearing the evidence of the criminal offence conducted by the former management and owners of CJSC Bank SOFRINO to the Prosecutor General’s Office of the Russian Federation and to the Ministry of Internal Affairs of the Russian Federation for consideration and procedural decision making.

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13.10.2014 00.00.00