Sale of city stake in Bank of Moscow to VTB through CFC challenged in court
The transactions involving the transfer of the Russian capital’s stake in Bank of Moscow (RTS: MMBM) to OJSC Central Fuel Company and its subsequent sale to state bank VTB (RTS: VTBR) are being challenged in court.
VTB became aware of the lawsuit in July, and a preliminary hearing of the case is scheduled for August 20, VTB said in a memorandum for its upcoming offering of perpetual bonds, obtained by Interfax. VTB said it intends to resolutely defend its interests.
The lawsuit challenging the transactions was filed with the Moscow Arbitration Court on May 5 by Sergei Devyatov, and proceedings were initiated on July 3. The substance of the claims is not disclosed in public court documents. The defendants in the case are VTB, the Moscow Property Department and CFC.
(more…)Russia’s Bank of Moscow denies offshore firm repaid $3 bln debt
Russia’s Bank of Moscow has denied receiving U.S. $3 billion in debt payment from Oneworld, the managing company of the bank’s former top management, a bank representative told PRIME Wednesday.
“The Bank of Moscow has not received any duly formalized assets from this company or from any individuals affiliated with it. Non-resident companies’ liabilities with the Bank of Moscow -extended earlier as credits – have yet to be repaid,” the representative said.
(more…)The Moscow Times Police Search Office of Realtor Inkom
Police on Thursday searched the central office of real estate firm Inkom in connection with an investigation into the theft of 550 million rubles ($17 million) at formerly city-owned Bank of Moscow.
Uniformed officers armed with submachine guns arrived at the Moscow office Thursday morning in search of documents linked to “an employee of the company,” Konstantin Popov, formerly head of Bank of Moscow’s audit committee, Inkom Real Estate spokesman Anton Gololobov told Interfax.
(more…)Investigators find evidence of Bk of Moscow ex-execs fraud
Investigators have begun a series of searches in several companies’ offices and private houses seeking evidence in connection with the Bank of Moscow fraud case, a source from one of Russia’s security services said Wednesday, RIA Novosti reported.
(more…)Bank of Moscow to Seek Affected Party Status in Swiss Ex-Boss Probe
The Bank of Moscow will seek affected party status in a criminal case initiated by Swiss prosecutors against its former top managers Andrei Borodin and Dmitry Akulinin, a bank spokesperson said on Wednesday.
A source familiar with events told RIA Novosti last week that Swiss investigators froze the local bank accounts of former Bank of Moscow president, Andrei Borodin, and his former deputy Dmitry Akulinin.
(more…)Lawyer of Bank of Moscow’s former CEO refutes alleged criminal case against his client
A lawyer of former CEO of Bank of Moscow Andrei Borodin has refuted media allegations about a criminal case against his client in Switzerland and blocking of his accounts.
“The anonymous information disseminated by news agencies about an alleged arrest of the accounts of the former executives of Bank of Moscow in Switzerland is nothing more but another stage in a wide-scale campaign to discredit Mr. Borodin,” he told Itar-Tass on Saturday.
(more…)Borodin declines to comment on UK’s alleged refusal to give him asylum
Interfax Europe
Andrei Borodin, former president of Bank of Moscow, officially declined on Wednesday to comment on allegations in the media that the British government has refused to grant him asylum.
“Following recommendations from his lawyers, Andrei Borodin will not comment on recent rumors to the effect that he has been denied political asylum,” said a one-sentence statement on Borodin’s official website, www.andrey-borodin.com.
(more…)Bank of Moscow could retain Ernst and Young as auditor for 2012
Interfax: Russia & CIS Business and Financial Newswire
Bank of Moscow (RTS: MMBM) could retain Ernst and Young as auditor to Russian Accounting Standards (RAS) for 2012, the bank said.
Ernst and Young was hired in November 2011. The bank had been audited by BDO since 2003.
Shareholders will be asked to approve the auditor at their annual shareholders meeting on June 4.
(more…)VTB paid 251 bln rubles for 95% in Bank of Moscow
Interfax: Russia & CIS Business and Financial Newswire
VTB Group (RTS: VTBR) paid 251 billion rubles to consolidate 94.85% of the shares in Bank of Moscow (RTS: MMBM) (BOM), VTB’s deputy CEO Herbert Moos said on Wednesday.
“We paid 251 billion rubles for a 94.85% stake [in Bank of Moscow]. At the same time, the current value of its capital comes to 173 billion rubles. Therefore, we purchased this bank at a multiplier of 1.45,” he said.
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