On results of inspection of financial standing of Commercial Bank Ascania Trust LLC held by provisional administration

During the examination of financial standing of the credit institution, the provisional administration of Commercial Bank Ascania Trust LLC appointed by Bank of Russia Order No. OD-2045, dated 8 August 2014, due to the revocation of its banking licence, revealed operations effected by the bank’s management which bear evidence of diverting bank’s assets through issuing loans in the amount of 478.8 million rubles to organisations with dubious reputation.

According to the estimates made by the provisional administration, the value of assets of Commercial Bank Ascania Trust LLC does not exceed 235.4 million rubles, while its liabilities to creditors amount to 261 million rubles.

Under these circumstances, on 24 September 2014, the Arbitration court of the city of Moscow took a decision to recognise Commercial Bank Ascania Trust LLC insolvent (bankrupt) and to initiate bankruptcy proceedings. The state corporation Deposit Insurance Agency is 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 Commercial Bank Ascania Trust LLC 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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14.11.2014 00.00.00