Results of inspection of financial standing of JSC JSCB GAZBANK held by provisional administration

The provisional administration to manage JSC JSCB GAZBANK (hereinafter, the Bank) appointed by Bank of Russia Order No. OD-1741, dated 11.07.2018, 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 by replacing high quality liquid assets with illiquid securities.

The provisional administration estimates the value of the Bank’s assets to be no more than 17.4 billion rubles, whereas its liabilities to creditors exceed 21.8 billion rubles.

On 25 September 2018, the Arbitration Court of the Samara Region recognised the Bank as insolvent (bankrupt) with the state corporation Deposit Insurance Agency 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.

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