OREANDA-NEWS. In the course of performing its supervisory function with regard to the activities of Miraf-Bank JSC, the Bank of Russia established facts of gross misreporting of data received from this bank, as these data did not show its real financial standing, failed to include or included only partially the bank's default on its obligations to creditors.

The presentation of reliable statements by Miraf-Bank JSC would have resulted in grounds to revoke the bank's licence pursuant to Clause 4 of Part 2 of Article 20 of the Federal Law 'On Banks and Banking Activities'.

The Bank of Russia demanded Miraf-Bank JSC to present reliable statements, but this was left unmet by the bank.

Thus, the bank's management concealed from the supervisory authority the grounds stipulated by the legislation of the Russian Federation for the obligatory revocation of its banking licence that bore the evidence of a criminal offence, specified in Article 172.1 of the Criminal Code of the Russian Federation.

By its Order No. OD-137, dated 21 January 2016, the Bank of Russia revoked the banking licence of Miraf-Bank JSC from 21 January 2016.

The Bank of Russia submitted information on the activity of management of Miraf-Bank JSC bearing the evidence of the criminal offence to the Investigative Committee of the Russian Federation for consideration and procedural decision-making.