On the results of the provisional administration-conducted financial assessment of JSCB RFA

The provisional administration to manage Joint-stock Commercial Bank RFA, (further — the Bank) as appointed by Bank of Russia Order No. OD-4403, dated 9 December 2016, following banking licence revocation, conducted a probe into the Bank’s financial standing; the probe found a shortage of cash to a total of over 143 million rubles.

Furthermore, the provisional administration established that in the run-up to the revocation of its licence, the Bank conducted transactions which appear to be either attempts at asset siphoning off or attempts at concealing the previous asset siphoning off. The probe found, inter alia, that at the time of solvency problems the Bank extended loans to companies of doubtful solvency to a total of over 100 million rubles.

The provisional administration estimates the value of the Bank assets to total under 83.7 million rubles, vers. 323.7 million of its liabilities to creditors.

On 9 February 2017, the Court of Arbitration of the City of Moscow ruled to recognise the Bank 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 financial operations performed by the Bank’s former management and owners 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 Russian Investigative Committee for consideration and procedural decision making.

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03.04.2017 00.00.00