OREANDA-NEWS. December 17, 2015.  By its Order No. OD-3528, the Bank of Russia cancelled the licence to carry out pension provision and pension insurance of the Non-governmental Pension Fund Pravo (PSRN: 1021603887161; TIN: 1661001823).

The reason to take such extreme measure was the repeated failure over the last year of the Non-governmental Pension Fund Pravo to comply with Bank of Russia instructions to remove violations of federal laws or related regulations of the Russian Federation and those of the Bank of Russia under which the Fund conducts its licensed activity.

Due to the licence cancellation, by its Order No. OD-3529, dated 10 December 2015, the Bank of Russia appointed a provisional administration to manage the Non-governmental Pension Fund Pravo.

The Bank of Russia will indemnify pension savings to policy holders in the amount and under procedure stipulated by Russian legislation.