Results of provisional administration-conducted inspection of financial standing of JSC Tagilbank

The provisional administration to manage JSC Tagilank (hereinafter, the Bank), appointed by Bank of Russia Order No. OD-1829, dated 20 July 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 and disposing immovable property to organisations with dubious creditworthiness or which might deliberately default on their liabilities.

The provisional administration estimates the value of the Bank’s assets to be no more than 1,038 million rubles, vs 1,142 million rubles of its liabilities to creditors.

On 3 October 2018, the Arbitration Court of the Sverdlovsk Region 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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