On results of inspection of financial standing of JSC BANK TGB held by provisional administration

During the inspection of financial standing of the credit institution JSC BANK TGB, the provisional administration appointed by Bank of Russia Order No. OD-627, dated 13 March 2017, due to the revocation of the bank’s banking licence, revealed operations, conducted by the credit institution’s former management, bearing the evidence of moving out assets by extending, among other things, intentionally bad loans to borrowers with dubious solvency and unable to meet their liabilities, as well as placing under trust management claims totalling over 0.9 billion rubles. The provisional administration also revealed the cases of preferential honouring of liabilities to certain creditors to the prejudice of others.

The additional inspection by the provisional administration established that the value of the bank’s assets totalled 0.7 billion rubles, while its liabilities to creditors amounted to 1.8 billion rubles.

On 19 June 2017, the Court of Arbitration of the City of Moscow ruled to recognise JSC BANK TGB as insolvent (bankrupt) and initiate bankruptcy proceedings. The State Corporation Deposit Insurance Agency was appointed as a receiver.

The Bank of Russia submitted the information on the operations performed by former management and owners of JSC BANK TGB which bear the evidence of criminal offence to the Prosecutor General’s Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and Investigative Committee of the Russian Federation for consideration and procedural decision making.

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26.07.2017 00.00.00