On results of inspection of financial standing of LLC Westinterbank held by provisional administration

During the inspection of financial standing of LLC Westinterbank, the provisional administration of the credit institution, appointed by Bank of Russia Order No. OD-3672, dated 27 October 2016, due to the revocation of its banking licence, revealed a low quality of the bank’s loan portfolio resulting from extending loans to shell companies.

Besides, the provisional administration identified transactions of moving out liquid assets from the insolvent bank and replacing them with a non-liquid property, as well as operations of withdrawing assets through giving out cash to a stakeholder from the till and transferring funds from its current accounts in the bank to another credit institution.

According to the provisional administration estimates, the asset value of LLC Westinterbank does not exceed 150.6 million rubles, while its liabilities to creditors amount to 536.9 million rubles, including 500 million rubles of liabilities to individuals.

On 19 December 2016, the Court of Arbitration of the city of Moscow took a decision to recognise LLC Westinterbank 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 offence conducted by the former management and owners of LLC Westinterbank 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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10.02.2017 00.00.00