Aggregated News From Investment Management Regulators

Results of provisional administration-conducted inspection of ROSCOMSNABBANK PJSC

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The provisional administration to manage ROSCOMSNABBANK PJSC (hereinafter, the Bank) appointed by Bank of Russia Order No. OD-475, dated 7 March 2019, following the revocation of its banking licence, in the course of the inspection of the Bank established the existence of signs suggestive of the diversion of assets through lending to borrowers with dubious solvency or knowingly unable to fulfil their obligations.

In these settings, on 27 March 2019, the Bank of Russia applied to the Court of Arbitration of the Republic of Bashkortostan to declare the Bank insolvent (bankrupt). The next court session is scheduled for 23 October 2020.

As the Bank of Russia reasonably presumes that the Bank’s officials were engaged in financial operations suggestive of criminal offence, the Bank of Russia submitted relevant information supplementing previously sent data to the Prosecutor General’s Office of the Russian Federation and the Investigative Committee of the Ministry of Internal Affairs of the Russian Federation for consideration and procedural decision-making.

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Regulator Information

Abbreviation: CBR
Jurisdiction: Russian Federation

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