FSFR Annuls Semeiny Retirement Fund’s License

7 August 2012 (09:33)

The Federal Financial Markets Service (FSFR) annulled the license of Semeiny Non-State Retirement Fund, the Service’s official website reports.

Semeiny Non-State Retirement Fund served a number of Yekaterinburg-based municipal enterprises and had about 25,000 customers. According to the FSFR’s official statement, the fund’s license was annulled because the company violated the federal legislation a number of times during one year. For example, Semeiny failed to provide accounting reports (starting from the second quarter of 2011) to the regulating body and never sent the FSFR the auditor’s report, RBC daily says.

According to the data available via the FSFR website, the fund’s assets were estimated at 501m RUR in the first quarter of 2012 (of which 86m RUR was classed as retirement savings).

The fund attracted the regulatory authority’s attention as early as 2011 when it stopped paying pensions; when Yekaterinburg retirees tried to contact the fund employees they found out the office was closed, no one answered the phone calls, and the website was inactive. In early August, one of the customer’s complaint resulted in the FSFR starting an investigation of the fund’s activity.

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