OREANDA-NEWS. The provisional administration of CB PrestigeCreditBank LLC appointed by Bank of Russia Order No. OD-3300, dated 26 November 2014, due to the revocation of its banking licence, held an inspection of the credit institution's financial standing and established that the value of assets of CB PrestigeCreditBank LLC did not exceed 23.4 million rubles with the value of liabilities to creditors standing at 73.5 million rubles.

The main reasons for inadequate value of the bank's assets to satisfy the creditors' claims in full are operations conducted by the owners and former management of CB PrestigeCreditBank LLC in the period when the bank had solvency problems to provide individuals with deliberately impaired loans and pay out to the owners of CB PrestigeCreditBank LLC their stakes in the bank's authorised capital to the total amount of 108.9 million rubles. Moreover, CB PrestigeCreditBank LLC reflected actually absent funds in the amount of 142.1 million rubles in the accounting records, thus concealing the withdrawal of assets made earlier.

Under these circumstances, on 12 January 2015, the court of arbitration of the Republic of Daghestan made a ruling to recognise CB PrestigeCreditBank LLC as insolvent (bankrupt) and initiate bankruptcy proceedings. The state corporation Deposit Insurance Agency was approved as a receiver.

The Bank of Russia sent information on the financial operations of criminal nature made by the former managers and owners of CB PrestigeCreditBank LLC to the Prosecutor General's Office of the Russian Federation and the Russian Ministry of the Interior for consideration and making the respective procedural decisions.