Activity of provisional administration to manage NEFTEPROMBANK terminated
On 15 July 2021, the Bank of Russia terminated the activity of the provisional administration1 appointed to manage NEFTEPROMBANK (hereinafter, the Bank).
The provisional administration established signs of actions in the activities of the Bank’s former management and owners aimed at withdrawing liquid assets by knowingly extending bad loans.
According to the assessment of the provisional administration, the value of the Bank’s assets is insufficient to fulfil its obligations to creditors.
On 30 June 2021, the Court of Arbitration of the City of Moscow ruled to recognise the Bank as insolvent (bankrupt) and initiate bankruptcy proceedings. The State Corporation Deposit Insurance Agency was appointed as receiver.
More details about the work of the provisional administration are available on the Bank of Russia website.
Settlements with the Bank’s creditors will be made in the course of bankruptcy proceedings as the Bank’s assets are sold (enforced). The quality of these assets is the responsibility of the Bank’s former management and owners.
1 The provisional administration was appointed by Bank of Russia Order No. OD-619, dated 9 April 2021, following the revocation of NEFTEPROMBANK’s banking licence.
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15.07.2021 17.00.00