Results of provisional administration-conducted inspection of BANK PERVOMAISKY (PJSC)

The provisional administration to manage the credit institution BANK PERVOMAISKY (PJSC) (hereinafter, the Bank) appointed by Bank of Russia Order No. OD-3036, dated 23 November 2018, following the banking licence revocation, in the course of its inspection of the Bank’s financial standing established that the Bank’s executives had conducted operations which suggest the intention to divert assets through lending to a borrower with dubious creditworthiness and replacing liquid assets with low-quality ones.

The provisional administration estimates the Bank’s assets to total 7.6 billion rubles and being insufficient to cover its liabilities in the amount of 7.9 billion rubles.

On 28 January 2019, the Arbitration Court of the Krasnodar Territory recognised the Bank as insolvent (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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