Operations of provisional administration of Limited Liability Company Povolzhsky Strakhovoi Alyans

By its Orders No. OD-2063 and OD-2064, dated 5 September 2019, the Bank of Russia revoked the insurance licences of PSA LLC (hereinafter, the Company), appointed a provisional administration to manage the Company (hereinafter, the provisional administration) and suspended the powers of its executive bodies.

In the course of its operations, the provisional administration established facts suggesting that illegal efforts were made by the Company’s managers and owners, as well as third parties, towards withdrawal of corporate assets through their sale below the market price and through the buyback of a share in the authorised capital of the Company from its participants during the implementation of the financial rehabilitation plan.

On 14 January 2020, the Arbitration Court of the Samara Region recognised the Company as insolvent (bankrupt). The State Corporation Deposit Insurance Agency was appointed as receiver.

The Bank of Russia submitted the information on the Company’s transactions suspected of being criminal offences 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.

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

29.01.2020 00.00.00