On results of inspection of financial standing of CB INFORMPROGRESS LLC held by provisional administration

The provisional administration to manage CB INFORMPROGRESS LLC as appointed by Bank of Russia Order No. OD-1037, dated 15 May 2017, following banking licence revocation, inspected the Bank and found a shortage of cash to a total of 28.9 million rubles.

The inspection of the bank’s financial standing by the provisional administration revealed low quality of its loan portfolio resulting from lending to legal entities and individuals, including companies affiliated with the bank’s management (owners), incapable to honour their liabilities.

Furthermore, the inspection revealed that household accounts were debited without their owners’ consent and claims of individual creditors were met to the detriment of other creditors of the bank.

According to the estimate by the provisional administration, the assets of CB INFORMPROGRESS LLC do not exceed ₽165 million, whereas the bank’s liabilities to its creditors amount to ₽183.9 million.

On 30 May 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 7 September 2017.

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 CB INFORMPROGRESS LLC to the Prosecutor General’s Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation for consideration and procedural decision making.

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21.08.2017 00.00.00