Results of provisional administration-conducted inspection of JOINT-STOCK COMMERCIAL BANK CHUVASHCREDITPROMBANK

The provisional administration to manage the credit institution JOINT-STOCK COMMERCIAL BANK CHUVASHCREDITPROMBANK (hereinafter, the Bank) appointed by Bank of Russia Order No. OD-2566, dated 7 November 2019, following the banking licence revocation, in the course of its inspection of the Bank, established evidence suggesting the Bank’s assets had been siphoned off by extending loans to individuals incapable to meet their liabilities, and by disposing real estate.

According to the provisional administration’s assessment, the value of the Bank’s assets is insufficient to fulfil its obligations to creditors.

On 20 February 2020, the Arbitration Court of the Chuvash Republic recognised the Bank as bankrupt. The State Corporation Deposit Insurance Agency was appointed as receiver.

The Bank of Russia submitted the information on the financial transactions suspected of being criminal offences that had been conducted by the Bank’s officials to the Prosecutor General’s Office of the Russian Federation and the Investigative Committee of the Ministry of Internal Affairs of the Russian Federation for consideration and procedural decision-making.

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27.03.2020 00.00.00