FBK withdraws the audit opinion on credibility of the Ellipse Bank accounting statements

FBK Company advises officially that in connection with obtaining new information about the financial condition of Ellipse Bank, which was not known to the auditor at the time of issuance of the audit opinion, in accordance with the audit activity regulations in the Russian Federation it was decided to revoke the conclusion about reliability of the Ellipse Bank financial statements for 2012.

The decision was taken based on the information about the bank’s improper assets and operations to reduce the amount of fixed capital.

The volumes of such operations and assets exceeded the level of materiality calculated by the auditor for the bank reporting, which accounted for the change of opinion about the reliability of statements.

That conclusion is considered withdrawn from March 26, 2014.