The Bank of Russia decided to revoke since November 14, 2008 the banking license of Lefko-Bank (Moscow, registration #1605).
According to the Russian Central Bank’s PR department, the lending institution’s banking license was cancelled because of the bank’s failure to comply with federal laws that regulate banking activities, statutory acts of the Bank of Russia, identified instances when financial statements were misstated, the inability to meet monetary demands of creditors.
Due to the loss of liquidity Lefko-Bank failed to make timely payments under client accounts. At the same time, the bank submitted unreliable reports to the Bank of Russia. Also, the lending institution’s executives and shareholders failed to restore the bank’s financial standing or eliminate reasons obliging the Bank of Russia to revoke the lender’s banking license.
