Central Bank revokes license from bank controlled by former US Congressman
The Ivanovo bank was established in 1992. Its principal shareholder is the former US Congressman Charles Taylor, and the head of the supervisory board is the FSB Major General in reserve.
Since April 5, the Central Bank withdraws the license for banking operations from the Ivanovo bank, according to the regulator's website. The reason for the revocation of the permit was the repeated violations of the Central Bank regulations "in the area of the legalization (laundering) of proceeds from crime and the financing of terrorism."
The bank provided the regulator with inaccurate and incomplete information, systematically underestimated the number of reserves, overstated the value of the property to improve financial performance and conceal its real financial position. Also, the Bank of Russia notes, Ivanovo carried out operations for the artificial maintenance of capital for the formal observance of mandatory standards.
The Central Bank promised to transfer this data to law enforcement agencies. A temporary administration has been appointed at the bank; it will remain in effect until the appointment of a bankruptcy trustee or liquidator.
Ivanovo bank was established in 1992, having placed its activities in the Ivanovo region. In 2003, the principal shareholder of the bank was the US congressman from North Carolina, Charles Taylor, who gained control over 80% of the bank’s shares. He worked in the Congress from 1991 to 2006.
The Bank is ranked 294th in terms of assets in the Russian banking system. He specializes in lending to companies and individuals; over 70% of the loan portfolio was low-quality loans. About 90% of all funds raised by the bank belonged to the public, the Central Bank notes.
The Chairman of the Supervisory Board of the Bank is Boris Bolshakov, Major General of the Reserve of the Federal Security Service of Russia, a member of the expert advisory board of the Accounts Chamber, and the State Advisor of the Tax Service of the II rank.
According to the balance sheet for the third quarter of 2018 (the last report of the bank), the assets of the credit institution amounted to 30.8 million rubles, liabilities - 20.5 million rubles. Losses of the bank for the first nine months of 2018 amounted to just over 1 million rubles. For the same period in 2017, Ivanovo made a profit of 1.8 million rubles.
In 2018, the official became a founder of a fund that deals with shooting and entrapment of wild animals in a hunting sector he supervises. With that, the official did not report about it to his senior executives.