On preliminary results of examination of CB SSSB (OJSC)

The provisional administration to manage CB SSSB (OJSC), appointed by Bank of Russia Order No. OD-2581 of 22 September 2014 due to the revocation of its banking licence, revealed in the course of the examination of its financial standing certain operations with signs of stealing cash from the tills of the Bank’s head office and internal structural units for a total amount of 1.7 billion rubles by purchasing non-liquid bills and issuing funds to the Chairman of the Board at his instruction.

During the examination of CB SSSB (OJSC), the provisional administration found out that the value of the Bank’s assets did not exceed 3.7 billion rubles, which was insufficient to honour its liabilities to creditors in the amount of more than 5 billion rubles. In those circumstances, the Bank of Russia filed a petition to the Court of Arbitration of the city of Moscow on 13 October 2014 to declare CB SSSB (OJSC) insolvent (bankrupt).

Information on financial operations with signs of criminal offences conducted by the former chief executives and owners of CB SSSB (OJSC) 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.

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27.10.2014 00.00.00