On results of inspection of financial standing of OJSC BANK MBFI by provisional administration

The provisional administration of OJSC BANK MBFI appointed by Bank of Russia Order No. OD-1365, dated 27 April 2016, due to the revocation of its banking licence encountered serious obstruction of its activity starting the first day of performing its functions.

Former management and owners of OJSC BANK MBFI failed to provide the provisional administration with the bank’s documentation including credit histories worth over 700 million rubles which actually makes it impossible to take legal action to perform loan debt enforcement and consequently fulfil obligations to bank’s creditors and depositors.

According to estimates by the provisional administration, the asset value of OJSC BANK MBFI does not exceed 39.1 million rubles, while its liabilities to creditors amount to 518.9 million rubles including 272.6 million rubles to households.

On 1 September 2016, the Court of Arbitration of the city of Moscow took a decision to recognise OJSC BANK MBFI insolvent (bankrupt) and initiate bankruptcy proceedings with the state corporation Deposit Insurance Agency appointed as a receiver.

The Bank of Russia has submitted the information on obstruction of provisional administration’s activity and other facts of abuse on the part of OJSC BANK MBFI owners and management to the Prosecutor General’s Office of the Russian Federation, the Russian Ministry of Internal Affairs and the Investigative Committee of the Russian Federation for consideration and procedural decision making.

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06.09.2016 00.00.00