On activity of Navigator Bank (OJSC)

The provisional administration to manage Navigator Bank (OJSC), appointed by Bank of Russia Order No. OD-998 of 13 May 2014 due to the revocation of its banking licence, identified during the examination of its financial standing certain operations with signs of withdrawing assets by extending loans to organisations with dubious solvency for a total amount of no less than 7 billion rubles.

According to a provisional administration’s estimate, the real value of Navigator Bank’s assets does not exceed 1.5 billion rubles, while its liabilities to creditors stand at 6.8 billion rubles.

In these circumstances, the Court of Arbitration of the city of Moscow took a decision on 30 July 2014 to declare Navigator Bank (OJSC) insolvent (bankrupt) and open bankruptcy proceedings. The State Corporation Deposit Insurance Agency was approved as a receiver.

Information on financial operations with signs of criminal offences conducted by Navigator Bank’s former chief executives and owners was sent by the Bank of Russia to the Prosecutor General’s Office of the Russian Federation and the Ministry of Internal Affairs of the Russian Federation for consideration and taking procedural decisions.

The reference to the Press Service is mandatory if you intend to use this material.