On results of inspection of financial standing of JSC Ruscobank by provisional administration

During the inspection of the financial standing of JSC Ruscobank, its provisional administration appointed by Bank of Russia Order No. OD-1913, dated 21 June 2016, following the revocation of the banking licence, has revealed that the main part of the bank’s loan portfolio worth over 3 billion rubles is represented by claims to insolvent companies and shell companies.

The provisional administration has also revealed that prior to the revocation of the licence, the bank conducted operations related to the sale of assets worth about 1.8 billion rubles, allowing payment delays to counterparties with dubious solvency.

According to the initial estimates by provisional administration, the value of JSC Ruscobank assets does not exceed 3 billion rubles, while its liabilities to creditors amount to 7.4 billion rubles, of which 6.1 billion rubles are liabilities to individuals.

On 1 August 2016, the Bank of Russia submitted a petition to the Court of Arbitration of the city of Saint Petersburg and the Leningrad Region to recognise JSC Ruscobank as insolvent (bankrupt) and initiate bankruptcy proceedings. The hearing of the case is scheduled for 9 December 2016.

The Bank of Russia submitted the information on financial operations bearing evidence of criminal offences of JSC Ruscobank former management and owners 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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07.12.2016 00.00.00