OREANDA-NEWS. During the examination of financial standing of the credit institution, the provisional administration of OJSC VKB appointed by Bank of Russia Order No. OD-3739, dated 30 December 2014, due to the revocation of its banking licence, revealed that the value of assets of OJSC VKB did not exceed 2.4 billion rubles, while its obligations to creditors amounted to 6.7 billion rubles (excluding obligations to depositors in the amount of about 1.8 billion rubles, the data for which were not included in the bank's accounting records).

The main reason for insufficiency of assets was the large-scale operations conducted by former management and owners of the bank which bear the evidence of diverting assets from the bank through purchasing securities the rights for which were not confirmed by the bank, issuing unrecoverable loans to legal entities and individuals, pledging assets as collateral for third party obligations, and investing in significantly overpriced units of a closed-end unit investment fund.

Under these circumstances, on 18 February 2015, the Arbitration Court of the Samara Region adjudicated to recognise OJSC VKB as insolvent (bankrupt) and to initiate bankruptcy proceedings. The state corporation Deposit Insurance Agency was appointed as a receiver.

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