On data removal from State Register of microfinance organisations
The Bank of Russia took a decision to remove the data on the close joint-stock company Krokos (referred to as ‘Company’ hereinafter) from the State Register of microfinance organisations.
The decision was based on the repeated violations within one year of the requirement of the Federal law No.
— Charter of the Company as of 20 June 2013 as amended on 17 April 2014 is not in compliance with Item 5 Part 2 of the Federal Law No.
— Company submitted documentation covering reports on its activities and personal membership of its governing bodies for nine months of 2013 and for 2013 in violation of requirements.
The Bank of Russia established the existence of information on raising by the Company of household funds on the so-called ‘co-financing’ and/or debt paying basis on http://crocos-zaim.com and www.crocus-bank.com and in the print media which can be interpreted as violation of the requirements of Article 12 of the Federal Law No.
The Bank of Russia got a hold of a draft ‘co-financing (servicing) agreement.’According to the agreement, the Company shall render co-financing services for the account payable by paying off debts through payments to the credit institution (establishment) which is a party to the loan agreement with an individual.
The Bank of Russia points out that according to Article 391 of the Civil Code of the Russian Federation any debt transfer to another entity needs creditor’s agreement. In case of the ‘co-financing’ agreement signed by the borrower with the closed joint-stock company Krokos, the party liable is still the borrower.
The Bank of Russia calls financial service consumers to stay alert when receiving similar offers.
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26.06.2014 00.00.00