Results of inspection of financial standing of JSC K2 Bank held by provisional administration (09.01.2019)

Source: Central Bank of the Russian Federation in English

Information Notice
Results of inspection of financial standing of JSC K2 Bank held by provisional administration
The provisional administration to manage JSC K2 Bank (hereinafter, the Bank) appointed by Bank of Russia Order No. OD-2277, dated 31.08.2018, following revocation of its banking licence, in the course of its investigation into the Bank’s financial standing established that the Bank’s former management and owners conducted operations to divert funds through lending to borrowers with dubious creditworthiness.
On 13 November 2018, the Arbitration Court of the Karachay-Cherkess Republic recognised the Bank as insolvent (bankrupt).
Mr Pavel Epifanov, member of the Union Self-regulatory Organisation of Arbitration Managers of the North West, has been appointed to act as a receiver.
The Bank of Russia submitted the information on the financial transactions bearing the evidence of criminal offence conducted by the Bank’s executives 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.

09 January 2019
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MIL OSI