On results of inspection of financial standing of Evrokredit LLC held by provisional administration

The provisional administration of Evrokredit LLC appointed by Bank of Russia Order No. OD-3465, dated 4 December 2015, due to the revocation of its banking licence, encountered an obstruction of its activity starting the first day of performing its functions.

The management of Evrokredit LLC failed to submit to the provisional administration electronic databases and loan agreements for loans recorded on the bank’s balance sheet in the amount of about ₽480 million, which can point to an attempt to conceal episodes of asset diversion from the bank. Furthermore, the provisional administration discovered deliberate erasure of electronic databases and banks’ IT systems.

The provisional administration has revealed transactions which resulted in a deterioration of the bank’s financial standing, lost of liquid funds in the amount exceeding ₽390 million, aimed at diverting the bank’s assets, as well as bank’s property sale transactions worth over ₽1.1 billion.

According to the estimate by the provisional administration, the assets of Evrokredit LLC do not exceed ₽714 million, whereas the bank’s liabilities to its creditors amount to ₽2267 million.

On 26 January 2016, the Court of Arbitration of the city of Moscow ruled to recognise Evrokredit LLC insolvent (bankrupt) and initiate bankruptcy proceedings with the state corporation Deposit Insurance Agency appointed as a receiver.

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

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20.04.2016 00.00.00