Operations of provisional administration to manage JSC MAYKOPBANK

The provisional administration¹ to manage the credit institution JSC MAYKOPBANK (hereinafter, the Bank), in the course of its inspection of the Bank, established evidence suggesting assets had been siphoned off by extending loans to borrowers with dubious solvency or unable to meet their obligations.

According to the assessment by the provisional administration, the value of the Bank’s assets is insufficient to fulfil its obligations to creditors.

As the Bank of Russia had a reasonable assumption that the Bank’s officials had performed financial transactions suspected of being criminal offences, the Bank of Russia submitted this information to the Prosecutor General’s Office of the Russian Federation and the Investigative Committee of the Ministry of Internal Affairs of the Russian Federation for consideration and procedural decision-making.

¹ The provisional administration to manage the credit institution was appointed by Bank of Russia Order No. OD-537, dated 2 April 2021, effective from 2 April 2021.

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23.07.2021 17.00.00