Xenophontova Elena Vladimirovna

Biography

2023: Sentence - 3 years in prison for fraud

On November 14, 2023, the Presnensky District Court of the city Moscow sentenced Renaissance Elena Ksenofontova, chairman of the board of directors of KB LLC, and Elena Kedrova, deputy head of the corporate lending department, to three years in prison. They were accused of embezzling the property of a credit institution under the guise of issuing loans to individuals.

The case under Part 4 of Art. 159 of the Criminal Code of the Russian Federation (fraud on an especially large scale) has been considered since March 2022. The State Corporation "Deposit Insurance Agency" (DIA) in the interests of the bank also filed a civil lawsuit in the amount of more than 400 million rubles, which was satisfied. Until its execution, the arrest on the property of the convicts will be preserved, the press service of the DIA reported on November 14, 2023.

Presnensky District Court of Moscow

The agency recalls that the Central Bank of the Russian Federation revoked the license for banking operations from the Renaissance Design Bureau in 2015 due to the fact that the credit institution "pursued a high-risk credit policy and did not create adequate loan loss provisions for the accepted risks." The Central Bank also explained that the credit institution was involved in dubious operations to withdraw funds abroad, as well as dubious transit operations in large volumes.

By mid-November 2023, bankruptcy proceedings are underway against CB Renaissance LLC. As of October 1, 2023, 2.5 billion rubles were paid to creditors, according to the DIA website.

Elena Ksenofontova said that before revoking the license, Renaissance Design Bureau received an order from the Central Bank to add additional reserves for loan debt totaling 718 million rubles on one day. She argued that until that moment the bank was "absolutely liquidated," fulfilled all its obligations on time, complied with all the requirements and standards of the regulator and the Central Bank did not in any way indicate to the bank comments on the loan portfolio and on these borrowers in particular.^[1]

Notes