On results of inspection of financial standing of CB Intercredit (JSC) by provisional administration

In the course of examination of the financial standing of CB Intercredit (JSC), the provisional administration appointed to this bank by Bank of Russia Order No. OD-2082, dated 29 June 2016, following revocation of its banking licence established that, that prior to its licence revocation, the former management and owners of CB Intercredit (JSC) sold assets on a deferred-payment basis to a counterparty having the signs of a shell company to the total amount of 235 million rubles.

The provisional administration also found out that the bank had failed to adequately assess the credit risks assumed to the total amount of 1,356.5 million rubles due, among other reasons, to improper debt servicing by borrowers and to the existence of evidence pointing to their inability to fulfill credit obligations.

According to provisional administration estimates, the value of CB Intercredit (JSC) assets does not exceed 99.7 million rubles, while its liabilities to creditors amount to 373.2 million rubles.

On 21 September 2016, the Court of Arbitration of the city of Moscow took a decision to recognise CB Intercredit (JSC) insolvent (bankrupt) and initiate bankruptcy proceedings with the state corporation Deposit Insurance Agency appointed as a receiver.

The Bank of Russia submitted information on financial operations bearing the evidence of criminal offence conducted by CB Intercredit (JSC) former management and owners 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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22.11.2016 00.00.00