Bank of Abkhazia’s statement on Prosecutor General’s Office verification of the activities of Sberbank of Abkhazia

04-02-2020 19:04

In connection with the information published by the General Prosecutor's Office of the Republic of Abkhazia regarding Sberbank of Abkhazia, the Bank of Abkhazia reports the following.

As known, for many years there were serious financial problems in the Savings Bank of Abkhazia associated with inefficient management. During the period of management of Sberbank of Abkhazia by Bganba T.S. risky banking operations and an ineffective credit policy were conducted, which led to the accumulation of significant losses. As a result, the bank was faced with a huge cash deficit, which led to systematic delays in social payments, including pensions, untimely payment of customers' payments with delays of several months, as well as to the regular lack of funds in most ATMs of Sberbank of Abkhazia.

In order to improve the situation in Sberbank of Abkhazia, the Bank of Abkhazia periodically sent instructions to eliminate violations in the current activities of the bank. But, despite this, the management of Sberbank of Abkhazia, represented by T. Bganba, appropriate measures were not taken, and the financial condition of the bank continued to deteriorate.

On November 13, 2017, Bank of Abkhazia brought in an interim administration for a period of 6 months, and in December 2017 Bganba T.S. was dismissed of his post as Chairman of the Board of Sberbank of Abkhazia.

For six months, the interim administration, consisting of 17 leading specialists of the Bank of Abkhazia, carried out work aimed, on the one hand, to prevent the bankruptcy of Sberbank of Abkhazia and its financial recovery, and, on the other hand, conducted an audit of the financial and economic activities of the bank. As a result, it was revealed that since the beginning of the 2000s, transactions totaling more than 700 million rubles have been systematically carried out, showing signs of fraudulent and dishonest actions, including those associated with the use of toxic (missing) funds on sham open correspondent accounts outside Abkhazia.

Without waiting for the interim administration to complete its work, the Bank of Abkhazia on April 4, 2018 (ex. 17001-4 / 16) sent all the collected materials to the General Prosecutor's Office of the Republic of Abkhazia.

In May 2018, the work of the interim administration was completed, but despite this, all the main activities of Sberbank continue to be supervised by the Bank of Abkhazia.