OREANDA-NEWS. During the inspection of financial standing of the credit institution, the provisional administration of OJSC KCB KREDITBANK appointed by Bank of Russia Order No. OD-2872, dated 16 October 2014, due to the revocation of its banking licence, revealed that the value of assets of OJSC KCB KREDITBANK did not exceed 144.4 million rubles, while its obligations to creditors amounted to 893.7 million rubles.

The main reason for inadequacy of the bank's assets to fully meet creditors' claims is the facts detected by the provisional administration of diverting assets from the bank through lending to legal entities with unidentified creditworthiness and bearing evidence of fictitious activity in the total amount of at least 875.6 million rubles which completely terminated servicing their debts after the licence revocation.

Besides, the provisional administration revealed monetary deficit in the total amount of 44.5 million rubles in tills of two operations offices of the bank's Moscow branch.

Under these circumstances, on 16 February 2015, the Arbitration Court of the Republic of Kalmykia adjudicated to recognise OJSC KCB KREDITBANK as insolvent (bankrupt) and to initiate bankruptcy proceedings. The state corporation Deposit Insurance Agency was appointed 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 OJSC KCB KREDITBANK to the Prosecutor General's Office of the Russian Federation and the Ministry of Internal Affairs of the Russian Federation for consideration and procedural decision making.