Operations of provisional administration to manage Insurance Company Angara, Limited Liability Company

Following the violations by Insurance Company Angara, Limited Liability Company, of the Bank of Russia-established requirements for investing insurance reserves and equity capital, the Bank of Russia revoked the Company’s insurance licence, suspended the powers of its executive bodies, and appointed a provisional administration to manage the Company (hereinafter, the provisional administration) by its Orders Nos. OD-687 and OD-688, dated 28 March 2019.

The provisional administration encountered obstruction of its operations — the Company’s management failed to provide the provisional administration with accounting and other documents, and valuables held by or entrusted to the Company, which may signal the officials’ attempt to conceal facts of asset withdrawal and complicates the assessment of the Company’s assets.

Also, the provisional administration revealed operations aimed at asset withdrawal by means of replacement of liquid assets with non-liquid ones.

The Bank of Russia submitted the information to the Prosecutor General’s Office of the Russian Federation and the Ministry of Internal Affairs of the Russian Federation for consideration and procedural decision-making.

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