Results of provisional administration-conducted inspection of financial standing of Bank IBSP (JSC)

The provisional administration to manage the credit institution Bank IBSP (JSC) (hereinafter, the Bank) appointed by Bank of Russia Order No. OD-2853, dated 31 October 2018, following the banking licence revocation, in the course of its inspection of the Bank’s financial standing established that the Bank’s executives had conducted operations to divert assets by transferring claims on a number of counterparties to their shareholder and by purchasing illiquid assets.

The provisional administration estimates the value of the Bank’s assets to be no more than 10.8 billion rubles, vs 23.9 billion rubles of its liabilities to creditors.

On 12 November 2018, the Bank of Russia applied to the Court of Arbitration of Saint Petersburg to declare the bank insolvent (bankrupt). The hearing is scheduled for 5 March 2019.

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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