On results of inspection of financial standing of JSCB Strategy PJSC held by provisional administration

During the inspection of financial standing of the credit institution the provisional administration of JSCB Strategy PJSC appointed by Bank of Russia Order No. OD-2315, dated 21 July 2016, due to the revocation of the credit institution’s banking licence, revealed suspicious operations of the former management and owners. These operations bear the evidence of siphoning off and substitution of liquid assets by assignment of claims on corporate and household loans in the amount of over 3.7 billion rubles to legal entities looking like shell companies.

Immediately before the revocation of its banking licence the bank purchased securities of companies with dubious solvency in a total amount of over 8.4 billion rubles.

According to the provisional administration estimate, the assets of JSCB Strategy PJSC do not exceed 4.7 billion rubles, whereas the bank’s liabilities to its creditors amount to 10 billion rubles, including those to households equal to 7.8 billion rubles.

On 13 October 2016, the Court of Arbitration of the city of Moscow took a decision to recognise JSCB Strategy PJSC insolvent (bankrupt) and initiate bankruptcy proceedings with the state corporation Deposit Insurance Agency appointed as a receiver.

The Bank of Russia submitted the information on the financial transactions bearing the evidence of the criminal offence conducted by the former management and owners of JSCB Strategy PJSC to the Prosecutor General’s Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and to the Investigative Committee of the Russian Federation for consideration and procedural decision making.

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25.10.2016 00.00.00