OREANDA-NEWS. The provisional administration to manage Sovereign Bank (JSC), further referred to as the Bank, as appointed by Bank of Russia Order No. OD-1182, dated 8 April 2016, following banking licence revocation, in the course of its financial assessment of this credit institution, revealed signs of transactions meant to siphon off bank assets through extending loans to organisations with doubtful solvency and individuals without documentary proof of solvency, to the total of approx. 680 million rubles, which includes 280 million rubles of cash disposed through the cash department.

According to the provisional administration’s estimate, the value of the Bank assets is not more than 1,094 million rubles, vers. 1,446 million rubles of its liabilities to creditors.

On 19 July 2016, the Arbitration Court of the City of Moscow recognised the Bank as insolvent (bankrupt) and initiated bankruptcy proceedings.