Results of provisional administration-conducted inspection of JSC CB IVANOVO

The provisional administration to manage JSC CB IVANOVO (hereinafter, the Bank) appointed by Bank of Russia Order No. OD-762, dated 5 April 2019, following its banking licence revocation, in the course of its inspection of the Bank established in the Bank’s management operations signs suggesting the intention to divert funds through unjustified overstatement of assets it had purchased as commercial severance pay, as well as by issuing loans to borrowers incapable of meeting their obligations.

According to the provisional administration, the Bank’s assets do not exceed 1.8 billion rubles, while its liabilities to creditors total 2.4 billion rubles.

On 8 July 2019, the Arbitration Court of the Ivanovo Region declared the Bank bankrupt. The State Corporation Deposit Insurance Agency was appointed as receiver.

The Bank of Russia submitted the information on the financial transactions suspected of being criminal offences that had been conducted by the Bank’s officials to the Prosecutor General’s Office of the Russian Federation and the Investigative Committee of the Ministry of Internal Affairs of the Russian Federation for consideration and procedural decision-making.

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