OREANDA-NEWS. During the examination of financial standing of PJSC Time Bank, the provisional administration appointed by Bank of Russia Order No. OD-1724, dated 21 July 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 worth 176 million rubles from the bank through extending loans to companies with dubious creditworthiness.

Besides, the former management of PJSC Time Bank failed to provide the provisional administration with the original loan agreements signed with legal borrowers worth 75 million rubles.

According to estimates by the provisional administration, the asset value of PJSC Time Bank does not exceed 988 million rubles, while its liabilities to creditors amount to 1027 million rubles.

On 27 October 2015, the Court of Arbitration of the city of Moscow took a decision to recognise PJSC Time Bank 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 PJSC Time Bank 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.