Source: Central Bank of the Russian Federation in English
Financial rehabilitation measures as regards Asian-Pacific Bank PJSC
In accordance with Clause 7 Article 75 of Federal Law No. 86-FZ, dated 10 July 2002, ‘On the Central Bank of the Russian Federation (Bank of Russia)’, the Bank of Russia decided to establish Closed-end Unit Investment Combined Fund ‘Special’ (hereinafter, the Fund) managed by Limited Liability Company Fund of Banking Sector Consolidation Asset Management Company (hereinafter, FBSC AMC Ltd.) using the funds of the Banking Sector Consolidation Fund.
In line with the changes to the Bank of Russia’s Plan of participation in bankruptcy prevention measures for Asian-Pacific Bank PJSC (hereinafter, the Bank), approved by the Bank of Russia Board of Directors, the Fund’s assets will be used to acquire the Bank’s claims to LLC Financial Trading Company (hereinafter, LLC FTC) as well as to purchase promissory notes of LLC FTC from their holders and the Bank’s claims to such individuals if the transactions to buy and sell promissory notes of LLC FTC, made by the Bank and promissory note holders before the Bank of Russia implemented its financial resolution measures for the Bank, are invalidated in court.
These measures will promote further development of the Bank and mitigate the risk of occurrence of any liabilities arising from court judgements, which is important for the preparation of the Bank’s sale to a third party.
17 December 2018
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