Bank of Russia: On appointment of provisional administration

OREANDA-NEWS. In compliance with Clause 2 of Article 189²⁶ and Articles 189³¹, 189³², 189³⁵ of the Federal Law ‘On Insolvency (Bankruptcy)’ and due to the revocation of the banking licence from the credit institution Commercial Bank ABB, joint-stock company, or Bank ABB JSC (Bank of Russia Registration No. 2937, date of registration — 29 June 1994) (Order No. OD-2316, dated 21 July, 2016) the Bank of Russia took a decision (Order No. OD-2317, dated 21 July 2016) to appoint from 21 July 2016 a provisional administration to manage the credit institution Commercial Bank ABB, joint-stock company, for a term in accordance with the Federal Law ‘On Insolvency (Bankruptcy)’ until the arbitration court adjudication on the recognition of bankruptcy and initiation of bankruptcy proceedings (appointment of a receiver) or until the arbitration court adjudication on the appointment of a liquidator becomes valid.