Russian Federation Activities Tender

In connection with the violation of Angara Insurance Company hereinafter referred to as the Company by the Limited Liability Company the Bank of Russia established the requirements for investing insurance reserves and own funds by orders of the Bank of Russia No. OD-687 dated March 28 2018 and OD-688. licenses to carry out insurance activities the powers of the executive bodies of the Company have been suspended and the temporary administration of the Company has been appointed hereinafter referred to as the temporary administration.The temporary administration faced the facts of impeding its activities - the management of the temporary administration company did not transfer accounting and other documentation as well as material assets owned and entrusted to the Company which may indicate an attempt by the Companys officials to conceal the fact of asset withdrawal and make it difficult to assess the Companys assets.At the same time in the course of the implementation of its functions the interim administration established the existence of operations aimed at the withdrawal of assets by replacing liquid assets with illiquid ones. The Bank of Russia sent information to the Prosecutor Generals Office of the Russian Federation and the Ministry of the Interior of the Russian Federation for consideration and adoption of relevant procedural decisions.