OREANDA-NEWS. During the inspection of financial standing of the credit institution, the provisional administration of OJSC Bank PSB appointed by Bank of Russia Order No. OD-3161, dated 11 November 2014, due to the revocation of its banking licence, revealed operations of the bank's former management bearing evidence of bank assets' diversion by issuing loans in excess of 400 million rubles to companies with dubious solvency.

By the estimate of the provisional administration, the assets of OJSC Bank PSB do not exceed 494.9 million rubles, whereas the bank's liabilities to its creditors amount to 687.3 million rubles.

Under these circumstances, on 15 January 2015, the court of arbitration of the Republic of Bashkortostan made a ruling on recognizing OJSC Bank PSB as insolvent (bankrupt) and on initiating bankruptcy proceedings. The state corporation Deposit Insurance Agency was appointed as a receiver.

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