On Imposing a Ban on NPF Korabel Specific Activities

On 27 May 2014, the Bank of Russia took the decision on imposing a ban on specific operations by non-profit company non-state pension fund Korabel (perpetual pension provision licence No. 352/2 of 20 October 2009) (hereinafter referred to as the Fund).

The decision is taken due to a failure by the Fund to comply with requirements of Federal Law No. 75-FZ, dated 7 May 1998, ‘On Non-governmental Pension Funds’ in relation to non-compliance with the Bank of Russia instruction to correct violations of Russian legislation.

The ban has been imposed on conducting the following operations:

• making new pension agreements;
• transactions on self-placing pension reserves and meeting obligations under these transactions;
• the transfer of pension reserves to asset management companies;
• debiting the account on which pension reserves are accumulated, except for writing off funds for a non-state pension payment.

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28.05.2014 00.00.00