MIL OSI – Source: Central Bank of the Russian Federation in English –
Headline: On JSC FIA-Bank Operations (5/25/2016)
The Bank of Russia found, in the course of its current supervisory action with respect to JSC FIA-Bank, hereinafter referred to as the bank, its assets to be of inferior quality, established that its lending to individuals and legal entities failed to meet creditworthiness standards and detected siphoning off of assets. In such a way, the substantial amount of loans (at least 5.5 billion rubles) was extended to individuals and / or legal entities directly or indirectly related to the bank’s shareholders.
As a result of the bank’s move to comply with the Bank of Russia requirement for rectification, the bank incurred loss of capital, which entailed its licence revocation in accordance with Bank of Russia Order No. OD-1179, dated 8 April 2016.
The temporary administration-conducted financial assessment of the bank found that the fair value of its assets, as of the revocation date, was no more than 10 billion rubles versus 17.4 billion rubles of liabilities.
The Bank of Russia has submitted the information on FIA-Bank executives’ and owners’ actions, indicative of criminal financial operations, to the Prosecutor General’s Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation for consideration and procedural decision making.