Results of provisional administration-conducted inspection of financial standing of JSCB Moscow Bill Bank (JSC)

The provisional administration to manage JSCB Moscow Bill Bank (JSC) (hereinafter, the Bank) appointed by Bank of Russia Order No. OD-2150, dated 17 August 2018, following the banking licence revocation, in the course of the inspection of the Bank’s financial standing established that the Bank’s former management and owners conducted operations to divert funds totalling no less than 471 million rubles through lending to borrowers with dubious creditworthiness or which might knowingly default on their obligations, selling assets, and selling securities on a deferred-payment basis.

The provisional administration estimates the value of the Bank’s assets to be no more than 568.3 million rubles, vs 934.6 million rubles of its liabilities to creditors.

On 26 November 2018, 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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