Results of provisional administration-conducted inspection of JSC CB Assotsiatsiya

The provisional administration to manage JSC CB Assotsiatsiya (hereinafter, the Bank) appointed by Bank of Russia Order No. OD-1759, dated 29 July 2019, following the banking licence revocation, in the course of the inspection of the Bank established that the Bank’s officials conducted operations to divert funds through lending to borrowers incapable of meeting their obligations, and to conceal these operations and information about the real financial standing of the Bank.

The provisional administration estimates the value of the Bank’s assets to be no more than 9.6 billion rubles, whereas its liabilities to creditors exceed 11.3 billion ruble.

On 19 September 2019, the Arbitration Court of the Nizhny Novgorod Region recognised the bank as bankrupt. The State Corporation Deposit Insurance Agency was appointed as 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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22.10.2019 00.00.00