Results of provisional administration-conducted inspection of CB Necklace-Bank, Ltd.

The provisional administration to manage the credit institution  CB Necklace-Bank, Ltd.(hereinafter, the Bank) appointed by Bank of Russia Order No. OD-7, dated 10 January 2020, following the revocation of its banking licence, in the course of its inspection of the credit institution established that the Bank’s officials and management conducted operations to conceal assets previously siphoned off by assigning the Bank’s receivables and to divert the Bank’s assets by lending to borrowers unable to meet their obligations.

According to the assessment by the provisional administration, the value of the Bank’s assets is insufficient to fulfil its obligations to creditors.

On 11 March 2020, the Arbitration Court of the City of Moscow recognised the Bank as bankrupt. The State Corporation Deposit Insurance Agency was appointed as a receiver.

The Bank of Russia submitted the information on the financial transactions suspected of being criminal offences that had been conducted by the Bank’s officials to the Prosecutor General’s Office of the Russian Federation and the Investigative Committee of the Ministry of Internal Affairs of the Russian Federation for consideration and procedural decision-making.

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22.04.2020 00.00.00