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

The provisional administration to manage JSC BANK TGB as appointed by Bank of Russia Order No. OD-627, dated 13 March 2017, following banking licence revocation, inspected the Bank and found a shortage of cash to a total of 1.7 billion rubles, 6.7 million US dollars and 1 million euro.

In addition, the provisional administration found that in the run-up to the revocation of the banking licence, the Bank issued loans to individuals in the total amount of over 600 million rubles from the funds which had been allegedly raised from individuals during the BoR-imposed ban to attract deposits.

The provisional administration estimates the value of the Bank assets to total under 1.7 billion rubles, vers. 7.8 billion of its liabilities to creditors.

On 27 March 2017, the Bank of Russia lodged a legal application to the Court of Arbitration of the city of Moscow on recognising the Bank insolvent (bankrupt). The hearing of this application is scheduled on 19 June 2017.

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 Russian Investigative Committee for consideration and procedural decision making.

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10.05.2017 00.00.00