Russia’s Central Bank seeks to forcefully liquidate UM-Bank
MOSCOW, December 12 (RAPSI) – The Central Bank of Russia has filed a motion with the Moscow Commercial Court seeking forceful liquidation of UM-Bank, the court documents read.
The motion will be heard on January 21.
On November 14, the credit organization’s banking license was revoked. More than half of passive funds were accumulated from individual clients and used for investment into low-quality assets. Also, the credit organization systematically played down its credit risk prompting the Central Bank to urge creation of additional reserves. UM-Bank was also conducting non-transparent financial operations with the purpose of creating visibility of existing assets.
Information on the bank’s operations that may be related to criminal activity will be transferred to law enforcement agencies.