On Results of Inspection of Financial Standing of Financial Standard Commercial Bank Limited
OREANDA-NEWS. The provisional administration of Financial Standard Commercial Bank Limited appointed by Bank of Russia Order No. OD-1798, dated 8 June 2016, following revocation of its banking licence detected in the course of examination of the credit institution’s financial standing operations carried out by the bank’s former management which bear the evidence of moving out assets worth at least 8.1 billion rubles through extending loans to borrowers known to be unable to fulfill their liabilities and also bearing the evidence of dummy companies.
Besides, the provisional administration revealed operations the bank carried out prior to the revocation of its licence indicating an intentional replacement of liquid assets with unrecoverable and unrealisable assets, and also showing a preferential settlement of claims from certain creditors to the detriment of other creditors worth 1.4 billion rubles when the bank experienced solvency problems.
According to estimates by the provisional administration, the total asset value of Financial Standard Commercial Bank Limited does not exceed 1.2 billion rubles, while its liabilities to creditors amount to 9.5 billion rubles.
On 21 July 2016, the Court of Arbitration of the city of Moscow took a decision to recognise Financial Standard Commercial Bank Limited insolvent (bankrupt) and initiate bankruptcy proceedings with the state corporation Deposit Insurance Agency appointed as a receiver.
The Bank of Russia has submitted the information on the financial transactions bearing the evidence of criminal offences conducted by the former management and owners of Financial Standard Commercial Bank Limited 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.