OREANDA-NEWS. During the examination of financial standing of the credit institution joint-stock commercial bank European Bank for Development of the Metallurgical Industry (public joint-stock company), the provisional administration appointed by Bank of Russia Order No. OD-2969, dated 27 August 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 lending shell companies.

According to estimates by the provisional administration, the asset value of JSCB EUROMET (PJSC) did not exceed 1.3 billion rubles on the licence revocation date, while its liabilities to creditors amounted to 6.7 billion rubles.

On 14 October 2015, the Court of Arbitration of the city of Moscow took a decision to recognise JSCB EUROMET (PJSC) 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 JSCB EUROMET (PJSC) 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.