Temporary administrators of Russia-based JSC Taatta Bank and JSC Bank Voronezh, appointed after the central bank revoked the banks' licenses, discovered irregularities totaling almost 12 billion Russian rubles at the companies.

Administrators of Taatta Bank established that the lender's management conducted operations indicating the theft of funds and other valuable assets worth 4.2 billion rubles. The executives of Bank Voronezh, meanwhile, were involved in operations aimed at withdrawal of its assets, which resulted in over 7.6 billion rubles worth of damage to the bank.

The central bank said it notified local law enforcement authorities about illegal transactions discovered at both banks.

Taatta Bank lost its banking license in July, while Bank Voronezh's was revoked in June. The central bank launched bankruptcy proceedings for both banks, with court hearings scheduled for the second half of August.

As of Aug. 14, US$1 was equivalent to 66.56 Russian rubles.