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

Following the non-compliance by Public Joint-stock Company Insurance Company Hoska (hereinafter, the Company) with financial stability and creditworthiness requirements, the Bank of Russia appointed a provisional administration to the Company by Order No. OD-1265, dated 21 May 2018, effective 22 May 2018.

The Company’s failure to timely remedy breaches of insurance regulations entailed the revocation of its insurance licences, by virtue of Bank of Russia Order ОD-1358, dated 31 May 2018.

The provisional administration, acting within its mandate, established facts suggesting that the Company’s former management and owners had conducted transactions aimed at siphoning off corporate assets.

The provisional administration estimates the value of the Company’s property (assets) to be insufficient to fulfil its liabilities to creditors and mandatory payments obligations.

On 23 July 2018, the Arbitration Court of the Khabarovsk Territory recognised the Company as bankrupt. The State Corporation Deposit Insurance Agency was appointed as receiver.

The Bank of Russia sent the information on the financial transactions bearing the evidence of criminal offence, conducted by the Company’s executives, to law enforcement authorities of the Russian Federation for consideration and procedural decision making.

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