On revocation of banking licence and appointment of provisional administration
By its Order No. OD-189, dated 29 January 2015, the Bank of Russia revoked the banking licence from the Moscow-based credit institution Commercial Bank AKADEMICHESKY RUSSKIY BANK, CB AkademRusBank LLC, (Registration No. 622, the city of Moscow) from 29 January 2015.
The Bank of Russia took such an extreme measure — revocation of the banking licence — because of the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, because of the established facts of gross misreporting of data, due to the credit institution’s inability to satisfy creditors’ claims on its money liabilities, and also taking into account the application of measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.
Due to the loss of liquidity, CB AkademRusBank LLC failed to timely fulfill its obligations to creditors. The credit institution also failed to satisfy the supervisor’s requirements on submitting reliable reporting showing its true financial standing to the Bank of Russia. The management and owners of the credit institution failed to take efficient measures to normalise its activities and to recover its financial status. Pursuant to Article 20 of the Federal Law ‘On Banks and Banking Activities’, the Bank of Russia performed its duty by revoking the banking licence from CB AkademRusBank LLC.
Besides, from late November 2014, CB AkademRusBank LLC was involved in dubious transactions by its customers to withdraw capital abroad in significant amounts, and also dubious cash operations.
By its Order No. OD-190, dated 29 January 2015, the Bank of Russia has appointed a provisional administration to CB AkademRusBank LLC for the period until the appointment of a receiver pursuant to the Federal Law ‘On the Insolvency (Bankruptcy) of Credit Institutions’ or a liquidator under Article 23.1 of the Federal Law ‘On Banks and Banking Activities’. In accordance with federal laws, the powers of the credit institution’s executive bodies are suspended.
According to the financial statements, as of 1 January 2015, CB AkademRusBank LLC ranked 642nd by assets in the Russian banking system.
The reference to the Press Service is mandatory if you intend to use this material.
29.01.2015 00.00.00