On results of provisional administration-conducted inspection of financial standing of CB Alzhan LLC

The provisional administration of the credit institution Commercial Bank Alzhan LLC, appointed by Bank of Russia Order No. OD-540, dated 02.03.2018, following the revocation of its banking licence, in the course of examination of its financial standing has revealed evidence that the bank’s former management used its authority for own benefits and advantages counter to the lawful interests of creditors and depositors, including by replacing liquid assets with illiquid ones to a total of 655 million rubles.

The provisional administration estimates the value of the Bank assets to be not more than 185 million rubles, vs 470 million of its liabilities to creditors.

On 07.05.2018, the Arbitration Court of the Republic of Dagestan recognised the bank as insolvent (bankrupt). The functions of a receiver were vested with Magomed M. Muradov, a member of NPS SOPAU Alliance of Managers (Non-commercial Partnership).

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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