10/13/2021 | Press release | Distributed by Public on 10/13/2021 18:07
On 13 October 2021, the Bank of Russia terminated the activity of the provisional administration1 appointed to manage the credit institution JSC AKTIV BANK (hereinafter, the Bank).
The provisional administration established circumstances suggesting that the Bank's former management and owners performed activities aimed at withdrawing liquid assets through lending to borrowers with dubious creditworthiness or known to be incapable of meeting their obligations to the Bank.
According to the assessment of the provisional administration, the value of the Bank's assets is insufficient to fulfil its obligations to creditors.
On 28 September 2021, the Arbitration Court of the Republic of Mordovia recognised the Bank as insolvent (bankrupt) and initiated a bankruptcy proceeding against it. The State Corporation Deposit Insurance Agency was appointed as receiver.
Further information on the results of the provisional administration's activity is available on the Bank of Russia website.
Settlements with the Bank's creditors will be made in the course of the bankruptcy proceeding as the Bank's assets are sold (enforced). The quality of these assets is the responsibility of the Bank's former management and owners.
1 The provisional administration was appointed by Bank of Russia Order No. OD-1268, dated 25 June 2021, following the revocation of the banking licence from JSC AKTIV BANK.
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