On results of provisional administration-conducted financial assessment of CB RTBK LLC

The provisional administration to manage CB RTBK LLC (further referred to as the Bank) as appointed by Bank of Russia Order No. OD-1035, dated 20.04.2018, following banking licence revocation, conducted an investigation of the Bank’s financial standing and identified that the Bank’s management replaced liquid assets with low-liquid securities in the run-up to the licence revocation. Such actions resulted in more than 2.5 billion rubles of financial damage.

Furthermore, the Bank’s management withdrew more than 1.7 billion rubles in assets through lending to borrowers of unsatisfactory financial standing and through selling real estate to the counterparty of dubious creditworthiness on a deferred-payment basis.

The provisional administration estimates the value of the Bank’s assets to be no more than 2.6 billion rubles, whereas its liabilities to creditors exceed 7 billion rubles.

On 10.08.2018, the Arbitration Court of the City of Moscow recognised the Bank as bankrupt. The state corporation Deposit Insurance Agency was appointed as a receiver.

The Bank of Russia submitted the information on the financial transactions bearing the evidence of criminal offence conducted by the Bank’s executives 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.

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