OREANDA-NEWS. During the inspection of financial standing of the credit institution, the provisional administration of JSC CB Gagarinsky appointed by Bank of Russia Order No. OD-1550, dated 3 July 2015, due to the revocation of its banking licence, revealed operations carried out by the former management of the Bank, which bear the evidence of liquid asset diversion from the Bank through issuing loans to organisations with dubious creditworthiness in the total amount of 2 million rubles.

At the same time the provisional administration established that in the run-up to the licence revocation the former management of the Bank carried out transactions to purchase promissory notes for the total of 210 million rubles of companies with no signs of business activity and to divert assets in the amount of 40 million rubles through concluding a contractor agreement for repairs, which were not implemented, in the premises with regard to which the Bank has to property rights or rental agreement.

According to the provisional administration's estimates, the value of assets of JSC CB Gagarinsky does not exceed 2576.2 million rubles, while its liabilities to creditors amount to 3937.7 million rubles.

On 26 October 2015, the Court of Arbitration of the city of Moscow adjudicated to recognise JSC CB Gagarinsky 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 JSC CB Gagarinsky to the Prosecutor General's Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and the Investigation Committee of the Russian Federation for consideration and procedural decision making.