On results of inspection of financial standing of JSC Arxbank by provisional administration
The provisional administration of JSC Arxbank appointed by Bank of Russia Order No. OD-2289, dated 19 July 2016, following the revocation of its banking licence, in the course of examination of the bank’s financial standing did not receive initial documents related to deposits taken by the bank totalling roughly 35 billion rubles. Besides, the provisional administration detected transactions which had been executed by the bank one day prior to its licence revocation and which bore the evidence of siphoning off the bank’s assets.
JSC Arxbank transferred high-quality liquid securities totalling 4.5 billion rubles to a foreign depository, with which the provisional administration failed to get in touch.
At the same time, the bank settled liabilities to one of its creditors to the amount exceeding 0.6 billion rubles by passing over to this creditor the promissory notes of solvent credit institutions, and also by changing promissory notes of similar quality totalling roughly 0.3 billion rubles for promissory notes belonging to shell companies.
According to estimates made by the provisional administration the value of JSC Arxbank assets does not exceed 0.6 billion rubles, while the value of its liabilities to creditors is over 36 billion rubles.
On 21 September 2016, the Moscow Arbitration Court decided to recognise JSC Arxbank 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 JSC Arxbank 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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28.11.2016 00.00.00