The Deposit Insurance Agency (DIA) has come across a large-scale scheme for withdrawing assets from Ugra Bank, follows from the report of the director of the expert-analytical department of the DIA, Julia Medvedeva. "We are faced with a rare, but large-scale scheme, when the business was mainly acquired at the expense of money received in unrelated banks, and it was pledged to secure debt," the report says. It clarifies that 98% of all loans (about 240 billion rubles) were used to finance the business of its owner in the field of commercial real estate and oil production.
After that, the loans were not extinguished due to business revenue, but due to funds withdrawn from Ugra Bank, thus the debt burden was transferred from the business to the Hotinu-controlled bank, that is, to its creditors. The DIA also discovered the financing of some purchases in the interests of Hotin directly through loans.
DIA indicates that now “Ugra” has huge debts, but has no rights to the main part of Khotin’s property and projects under its control (except for the amount of real estate provision that is incomparably less than the loan portfolio - 29 billion rubles, which is about 17% of the loan portfolio).
In addition, the DIA drew attention to the structure of the Khotin business, through which Ugra funds were withdrawn. “Borrowers who received loans from independent banks possessed property, fixed assets and continue to carry out their activities. On the contrary, the debtors of the bank controlled were active, but servicing or auxiliary structures and had nothing but turnovers on the accounts and scattered low-value property, ”the report states.
Now that business is of no interest to the beneficiary and goes into bankruptcy and liquidation. “It is necessary to admit that for the first time the agency was confronted with a similar scale and quality of organization of activities for the removal of assets from a bank and the withdrawal of these assets from the risk zone of their recovery,” concludes the author of the report. Medvedeva also expressed the hope that the experience gained during the investigation of the withdrawal scheme from “Yugra” will help the DIA to establish Khotin’s entire business and to charge him for a refund to the affected depositors.
The Central Bank revoked the license from “Yugra” on July 28, 2017. At the time of revoking the license, the bank ranked 29th in terms of assets and 15th in terms of deposits. The collapse of "Ugra" has become the largest insured event in the modern history of Russia with payment of over 170 billion rubles to investors. Commenting on the revocation of the license from “Ugra”, the chairman of the Central Bank Elvira Nabiullina noted that the owners of “Ugra” created a “pocket” bank to finance their projects.
The former management of the bank tried to challenge the actions of the Central Bank in the courts. The application for the bankruptcy of “Ugra” filed by the Bank of Russia in September 2017 was satisfied only a year later. On September 25, 2018, the Moscow Arbitration Court declared the bank bankrupt, opened bankruptcy proceedings and appointed the Deposit Insurance Agency as bankruptcy trustee. The former management of “Ugra” tried to challenge the revocation of the license again - the Constitutional Court in April denied them that.
The owner of the bank "Ugra" Alexey Hotin in mid-April, was detained and sent under house arrest. A criminal case on embezzlement of 7.5 billion rubles was initiated against him. (Part 4. Article. 160 of the Criminal Code). On April 22, in the same case, the former members of the board of directors and the president of Ugra bank Dmitry Shilyaev and Alexey Nefedov were placed under house arrest.