On the results of the provisional administration-conducted financial assessment of credit institution ICB

The provisional administration to manage the credit institution Commercial Bank International Construction Bank (ICB) appointed by Bank of Russia Order No. OD-1139, dated 28 April 2017 following the revocation of its banking licence, in the course of examination of the bank’s financial standing has established that the credit institution extended loans to borrowers unable to meet their obligations or those who conduct no real business operations, to a total of over 1.6 billion rubles.

The provisional administration has further established that certain transactions suggested attempts were being made to siphon off the bank’s assets through assigning, to questionable third parties, claims on its clients’ outstanding loans with long deferment periods.

Also, the provisional administration has found the transactions conducted in the run-up to the date of licence revocation to suggest misapplication or embezzlement of the credit institution’s funds.

The provisional administration estimates the value of the Bank’s assets to be under 264 million rubles, vers 570 million of its liabilities to creditors including 307 million rubles to individuals.

On 3 August 2017, the Arbitration Court of the City of Moscow recognised the bank as insolvent (bankrupt). Mr Vitaly Volkov of Non-commercial Partnership Self-regulated Organisation of Arbitration Managers DEVELOPMENT is appointed to act as a receiver.

The Bank of Russia submitted the information on financial transactions bearing the evidence of the criminal offence conducted by the former management and owners of Commercial Bank ICB 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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