On results of inspection of financial standing of PJSC IDEA Bank held by provisional administration

The provisional administration of PJSC IDEA Bank appointed by Bank of Russia Order No. OD-4617, dated 19 December 2016, due to the revocation of its banking licence, held an inspection of the bank’s financial standing and revealed a poor quality of its loan portfolio resulted from lending to shell companies, fictitious loan servicing to conceal earlier transactions to withdraw assets, as well as cash shortage in the tills of the bank.

On 21 February 2017, the Court of Arbitration of the Krasnodar Territory recognised the bank as insolvent (bankrupt) with the state corporation Deposit Insurance Agency appointed as a receiver.

The Bank of Russia submitted the information on financial transactions bearing the evidence of the criminal offences conducted by the former management and owners of PJSC IDEA 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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06.04.2017 00.00.00