On results of inspection of financial standing of OJS CB Universal Credit held by provisional administration

During the examination of financial standing of the bank, the provisional administration to manage the OJS CB Universal Credit appointed by Bank of Russia Order No. OD-2777, dated 9 October 2014, due to the revocation of its banking licence, revealed transactions executed by the former management which bear evidence of moving out the bank’s assets through loans to companies with doubtful creditworthiness worth 1.573 billion rubles.

According to the estimates made by the provisional administration, the value of the assets of OJS CB Universal Credit does not exceed 509.3 million rubles, while its liabilities to creditors amount to 1.730 billion rubles.

Under these circumstances, on 20 November 2014, the Arbitration court of the city of Moscow took a decision to recognise OJS CB Universal Credit insolvent (bankrupt) and to initiate bankruptcy proceedings with the state corporation Deposit Insurance Agency appointed as a receiver.

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

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22.01.2015 00.00.00