On the results of examination of the financial position of CJSC C Bank conducted by the provisional administration

The provisional administration of CJSC C Bank appointed by Bank of Russia Order No. OD-329 dated 18 March 2014 due to the revocation of the banking licence of the bank revealed in the course of examination of financial standing of the credit institution the large scale transactions of asset sales and cession, real to collect, without practical cash inflow in the amount of a least 2.5 bln. roubles. These transactions were conducted on the eve of licence revocation.

Besides, by the set of circumstances revealed the provisional administration established almost complete depreciation of the bank’s loan portfolio with the real value estimated by the provisional administration in the amount of 300 mln. roubles.

The results of the examination show that the volume of assets of CJSC C Bank does not exceed 0.9 bln. roubles, while the liabilities to creditors amount to 10.5 bln. roubles.

In these conditions on 28 May 2014, the Arbitration court of the city of Moscow took the decision to recognise CJSC C Bank insolvent (bankrupt) and initiate its bankruptcy proceedings. The state corporation Deposit Insurance Agency is appointed as the 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 CJSC C Bank 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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16.06.2014 00.00.00