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Moscow DS-Bank has gone bankrupt

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Moscow DS-Bank has gone bankrupt

Moscow DS-Bank has gone bankrupt
September 05
15:00 2016

According to the statement on the official website of the Moscow Arbitration Court, it declared a bankruptcy of the Moscow Bank “Dynamic Systems” (DS-bank) on 2 September. This has happened because of the petition of the Central Bank.

The court has opened the bankruptcy proceedings. It is the final stage of the bankruptcy with regard to the DS-Bank with a term of 1 year. Nikolai Petrov has become a competition manager in the process of the bankruptcy on 31 August.

Before it was known that the Central Bank of Russia had withdrawn the license from the DS-Bank for banking operations since 12 May.

A press release of the regulator said: “DS-Bank conducted high-risk lending policies related to the placement of funds in low-quality assets.” Also, the bank failed to comply with the requirements of the Central Bank on the organization of the mandatory reserves for probable losses and did not provide reliable financial reports.

In addition, the bank’s operating activities have almost come to naught since the beginning of May this year. “What is more, the credit institution was involved in questionable transit operations”, -reports the press-release.

According to the Central Bank, managers and owners of the credit institution haven’t taken effective actions to correct its operations.

DS-Bank participates in the deposit insurance system. Judging by the reported data as of 1 April 2016, the bank had no funds of individuals.

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