Press Service

The Central Bank of the Russian Federation (Bank of Russia)

Press Service

12 Neglinnaya Street, Moscow, 107016 Russia;

Information Notice

On operations of provisional administration to manage Joint-stock Insurance Company ROSMED

Whereas Joint-stock Insurance Company ROSMED (hereinafter, the Company) violated the requirements for maintaining financial sustainability and solvency, the Bank of Russia, pursuant to its Order No. OD-3427, dated 07.12.2017, effective 08.12.2017, appointed a provisional administration to manage the Company (hereinafter, the provisional administration) for a term of six months.

The Company’s failure to timely rectify violations of the insurance legislation served the grounds for the Bank of Russia to revoke the Company’s insurance licences by its Order No. OD-3584, dated 21.12.2017.

Acting within its mandate, the provisional administration established facts in the activities of the Company’s former management and owners bearing the signs of asset withdrawal through operations with real estate and through the sale of the Company’s liquid assets to third parties.

Besides, the provisional administration revealed the facts of theft and abuse of authority in the activities of the Company’s former management and owners committed through entering into loan and receivables assignment agreements. The provisional administration further established that, despite failure to fulfil obligations to its counterparties, the insurance company had conducted transactions to the detriment of the Company’s financial situation.

On 17.04.2018, the Arbitration Court of the City of Moscow recognised the Company as insolvent (bankrupt). 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 officials of the Company to the Prosecutor General’s Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation for consideration and procedural decision making.

05 June 2018

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