Jugra Bank owner submits financial recovery plan to cbank

MOSCOW, Jul 27 (PRIME) -- Alexei Khotin, the core owner of troubled Jugra Bank, has submitted a financial recovery plan to the central bank, which includes redemption of 170 billion rubles to the Deposit Insurance Agency (DIA) in 10 years, a spokesperson for the businessman told PRIME on Thursday.

On July 10, the central bank introduced a three-month moratorium on creditors’ demands at Jugra Bank and appointed the DIA as an interim administration for six months. Central bank’s Deputy Chairman Vasily Pozdyshev said then the regulator believed that Jugra Bank had been providing misleading reports for several months and suspected the bank of asset withdrawal and manipulations with deposits.

“Alexei Khotin, the majority shareholder of Jugra Bank controlling 52.5% of its shares, has submitted a plan of financial recovery of Jugra Bank, currently under management of the temporary administration of the DIA, to the central bank of Russia,” the spokesperson said.

The recovery plan includes securing up to 170 billion rubles of Jugra’s liabilities to the DIA with a credit portfolio and a personal surety of Khotin. Jugra will redeem the debt to the DIA in 10 years according to the schedule.

“During the bailout, the bank will form a 96.4 billion ruble capital, and the amount of liquid shares in the asset will reach 83 billion rubles. Besides that, the bank will form about 147 billion rubles of reserves, including excessive reserves, against a 241 billion ruble credit portfolio,” the spokesperson said.

“The recovery of the credit institution will be done with funds of the core shareholder through provision of a 21 billion ruble financial assistance starting from the fourth quarter of 2017. In addition to that, the plan includes sales of high-liquid shares of companies owned by the bank totaling 36.3 billion rubles.”

(59.9102 rubles – U.S. $1)

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