Operations of provisional administration of Limited Liability Company KRK-Insurance

By its Orders Nos. OD-1839 and OD-1840, dated 8 August 2019, the Bank of Russia appointed a provisional administration to manage Limited Liability Company KRK-Insurance (hereinafter, the Company) and suspended its insurance licences (hereinafter, the licences). As the provisional administration encountered obstruction of its operations from the Company’s management, the Bank of Russia, by its Orders Nos. OD-1879 and OD-1883, dated 15 August 2019, revoked the Company’s licences and suspended the powers of its executive bodies.

In the course of its operations, the provisional administration established facts suggesting that illegal efforts were made by the Company’s managers and owners, as well as third parties, towards withdrawal of corporate assets, which were in part executed through transactions with securities, means of transportation and immovable property.

On 2 December 2019, the Arbitration Court of the City of Moscow recognised the Company as insolvent (bankrupt). The State Corporation Deposit Insurance Agency was appointed as receiver.

The Bank of Russia submitted the information on the Company’s transactions suspected of being criminal offences 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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