As of July 7, 2014 the Bank of Russia has cancelled a banking license held by Bank EastCom-Finance (Registration No. 3435), the regulator said in a press release.
Bank EastCom-Finance failed to execute federal laws regulating banking activities and also the Bank of Russia’s statutory acts. Due to the loss of liquidity the bank failed to timely fulfill its obligations to deposit holders, while providing the Bank of Russia with materially misstated financial statements which concealed grounds for the measures to prevent insolvency (bankruptcy) and the revocation of a license, the regulator specified. The lending institution’s executives and owners took no action to normalize its activities. Throughout 2013 and January — March 2014 EastCom-Finance executed suspicious operations which totaled in the aggregate around Rub 14 bln.
The lending institution is a member of the national deposit insurance system.
