On the findings of the provisional administration-conducted financial assessment of Millennium Bank (CJSC)

The provisional administration to manage Millennium Bank (CJSC) as appointed by Bank of Russia Order No. OD-377, dated 5 February 2016, following banking licence revocation, in the course of its financial assessment of this credit institution, revealed the former bank executives-performed transactions which are indicative of asset siphoning off through extending loans, to the total of 6.9 billion rubles, to organisations carrying signs of shell companies and also to those with doubtful solvency.

According to the provisional administration’s estimate, the value of Millennium Bank assets is not more than 1.4 billion rubles, vers. 6.9 billion rubles of its liabilities to creditors.

On 20 April 2016, the Arbitration Court of the City of Moscow recognised Millennium Bank as insolvent (bankrupt) and initiated bankruptcy proceedings. The State Corporation Deposit Insurance Agency was approved to act as its bankruptcy supervisor.

The information on financial transactions indicative of criminal acts as carried out by the former Millennium Bank executives and owners was submitted by the Bank of Russia to the Office for Prosecutor General of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation, to be reviewed and to enable the appropriate procedural decisions to be made.

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22.06.2016 00.00.00