CBR-Activity of provisional administration to manage ROSCOMSNABBANK (PJSC) terminated.

ENPNewswire-July 29, 2021--CBR-Activity of provisional administration to manage ROSCOMSNABBANK (PJSC) terminated

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Release date- 28072021 - On 28 July 2021, the Bank of Russia terminated the activity of the provisional administration1 appointed to manage credit institution ROSCOMSNABBANK (PJSC) (hereinafter, the Bank).

The provisional administration established circumstances suggesting that the Bank's former management and owners performed activities aimed at syphoning out liquid assets through lending to borrowers with dubious creditworthiness or incapable to meet their obligations to the Bank (not conducting any real business activity).

The provisional administration and the Bank of Russia have filed complaints to the law enforcement bodies regarding the facts revealed.

According to the assessment of the provisional administration, the value of the Bank's assets is insufficient to fulfil its obligations to creditors.

On 13 July 2021, the Arbitration Court of the Republic of Bashkortostan recognised the Bank as insolvent (bankrupt) and initiated a bankruptcy proceeding against it. The State Corporation Deposit Insurance Agency was appointed as a receiver.

Further information on the results of the provisional administration's...

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