On results of inspection of financial standing of PJSC Vyborg-bank held by provisional administration

The provisional administration of PJSC Vyborg-bank appointed by Bank of Russia Order No. OD-2966, dated 7 September 2016, due to the revocation of its banking licence, encountered an obstruction of its activity starting the first day of performing its functions.

The former management of PJSC Vyborg-bank failed to submit original loan agreements for the total of more than 1.3 billion rubles, and a part of assets held as collateral for the issued loans, to the provisional administration.

During the inspection of the credit institution’s financial standing, the provisional administration revealed operations carried out by the former management of PJSC Vyborg-bank, which bear the evidence of asset diversion through issuing loans to organisations incapable of meeting their obligations and not engaged in real business activity.

According the provisional administration’s estimates the value of assets of PJSC Vyborg-bank does not exceed 2.4 billion rubles, whereas its liabilities to creditors amount to 3.7 billion rubles, including 3.2 billion rubles due to individuals.

On 15 November 2016, the Court of Arbitration of the city of St Petersburg and the Leningrad Region ruled to recognise PJSC Vyborg-bank as insolvent (bankrupt) and to initiate bankruptcy proceedings 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 PJSC Vyborg-bank, 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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24.01.2017 00.00.00