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Law enforcement agencies conduct search division of Russian Central Bank

November 18, 2016, 13:26 UTC+3 MOSCOW
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MOSCOW, November 18. / TASS /. Law enforcement agencies are conducting investigative activities in one of the divisions of Russia’s Central Bank, an official with the regulator’s press service told TASS.

"The Central Bank of Russia contacted the law enforcement agencies some time ago regarding the situation in the MAB bank (International Joint Stock Bank -TASS), whose license was revoked by the Central Bank. A criminal case was initiated following our application. Today activities of law enforcement officers in the Central Bank are connected with the need to obtain documents necessary for the investigation," the press-service said.

On February 3, the Central Bank revoked license from Moscow-based International Joint Stock Bank.

According to the regulator, the bank violated banking legislation and regulations of the Central Bank regarding assessment of default risk.

In March, the inspection by the temporary administration revealed that the size of the "hole" in equity was 9.8 bln rubles ($150 mln).

According to the Central Bank, the amount of negative equity of the bank on the date of revocation of the license amounted to 3.9 bln rubles ($59.8 mln).

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