Information on the operations of provisional administrationof Miraf-Bank JSC

The provisional administration to manage Miraf-Bank JSC (further — the Bank) as appointed by Bank of Russia Order No. OD-138, dated 21 January 2016, following banking licence revocation, in the course of its financial assessment of this credit institution, revealed the former bank executives-performed transactions, both in the run-up to the Bank’s licence revocation and at the time the Bank was experiencing solvency problems, which consisted in the sale and substitution of assets in the amount of over 560 million rubles.

In disregard of Bank of Russia regulations, the Bank dispensed as much as 56 million rubles in cash to a certain individual off the books.

The provisional administration also found that as the Bank was experiencing solvency problems transactions were made to meet liabilities to certain creditors, as a matter of preference above and to the detriment of others, to a total of 120 million rubles.

Under the provisional administration’s estimate, the value of the Bank assets is within 3.4 billion rubles, vers. 4.9 billion rubles of its liabilities to creditors.

On 22 February 2016, the Arbitration Court of the Omsk Region recognised the 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 Bank’s former 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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23.06.2016 00.00.00