Results of provisional administration-conducted inspection of financial standing of JSC CB BTF-Bank

The provisional administration to manage JSC CB BTF-Bank (hereinafter, the Bank) appointed by Bank of Russia Order No. OD-2534, dated 28 September 2018, following the banking licence revocation, in the course of the inspection of the Bank’s financial standing established that the Bank’s management conducted operations to divert funds through lending to an affiliated borrower incapable to meet its obligations.

In addition, the provisional administration established an offence committed by the Bank’s officer to misappropriate depositors’ funds.

The provisional administration estimates the value of the Bank’s assets to be no more than 2,419.4 million rubles, vs 2,945 million rubles of its liabilities to creditors.

On 15 January 2019, the Arbitration Court of the city of Moscow recognised the Bank as insolvent (bankrupt). The State Corporation Deposit Insurance Agency was appointed as a receiver.

The Bank of Russia submitted the information on the financial transactions bearing the evidence of criminal offence conducted by the Bank’s executives to the Prosecutor General’s Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation for consideration and procedural decision-making.

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