OREANDA-NEWS.  During the examination of financial standing of the credit institution Commercial Bank Bogorodsky Municipal Bank (limited liability company), the provisional administration appointed by Bank of Russia Order No. OD-2983, dated 2 November 2015, due to the revocation of the banking licence revealed operations conducted by the bank’s former management bearing the evidence of moving out assets through real estate sales with no money received.

Besides, the provisional administration revealed facts of extending loans at the time the bank experienced creditworthiness problems and their channelling to repay the earlier loans. This may be indicative of an attempt to conceal earlier operations to take out assets from the bank. The provisional administration also revealed operations to inappropriately create obligations to individual depositors and transactions which pave the way for preferential satisfaction of claim among creditors.

According to estimates by the provisional administration, the asset value of CB BMB (LLC) does not exceed 2.7 billion rubles, while its liabilities to creditors amount to 3.1 billion rubles.

On 8 December 2015, the Court of Arbitration of the Moscow Region took a decision to recognise CB BMB (LLC) insolvent (bankrupt) and to initiate bankruptcy proceedings with the state corporation Deposit Insurance Agency appointed as a receiver.

The Bank of Russia has submitted the information on the financial transactions bearing the evidence of criminal offences conducted by the former management and owners of CB BMB (LLC) to the Prosecutor General’s Office of the Russian Federation, the Russian Ministry of Internal Affairs and the Investigative Committee of the Russian Federation for consideration and procedural decision making.