On results of inspection of financial standing of JSCB NZBank OJSC held by provisional administration

During the inspection of financial standing of JSCB NZBank OJSC, the provisional administration of the bank appointed by Bank of Russia Order No. OD-4011, dated 18 November 2016, due to the revocation of its banking licence, revealed that the actions of the former management and owners of the bank bore signs of asset diversion through the sale of securities in the total amount of more than 1.3 billion rubles held by the bank in the run up to the licence revocation and through lending the total of 350 million rubles to borrowers who were unable honour their liabilities.

The provisional administration estimates that the bank’s assets do not exceed 0.4 billion rubles whereas its liabilities to creditors amount to 1.7 billion rubles, including liabilities to households in the amount of 1.45 billion rubles.

On 19 January 2017, the Court of Arbitration of the city of Moscow adjudicated to recognise the bank insolvent (bankrupt). The state corporation Deposit Insurance Agency was appointed as a receiver.

The Bank of Russia submitted the information on financial transactions bearing the evidence of the criminal offence conducted by the former management and owners of the bank, 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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01.03.2017 00.00.00