Interfax: Russia & CIS Business and Financial Newswire

Bank of Moscow (RTS: MMBM) had net profit of 5.107 billion rubles to Russian Accounting Standards (RAS) in 2011, compared with losses of 50.125 billion rubles in 2010, the bank said in a report.

Mikhail Kuzovlev, the bank’s CEO, had said he expected 5.7 billion rubles profit.

Pretax profit was 8.182 billion rubles last year, compared with 48.263 billion rubles loss in 2010, the report said.

The bank plans to pay dividends for 2011. The annual shareholders meeting will decide on the amount.

The bank said interest income fell 21.1% last year to 59.8 billion rubles and net interest income 30.1% to 27.7 billion rubles.

Prime News

Russia’s Bank of Moscow, which ranks among the country’s top five lenders, saw its overdue payments surge to 169.9 billion rubles in 2011 from 28.3 billion rubles a year earlier, as calculated under Russian Accounting Standards (RAS), the bank said in a report Monday.

FT.com

A Russian court refused on Thursday to free three members of a women’s punk band who sang a protest song against Vladimir Putin in a cathedral, despite calls for their release by activists and backers who scuffled with police at the hearing.
The three have been in detention for weeks over Pussy Riot’s performance in short dresses and bright masks, which offended Russian Orthodox believers but also ignited a debate on church-state relations.

RAPSI

A court of appeals will hear on May 16 Premier Estate’s appeal against the $450 million collection for the Bank of Moscow from Premier Estate and TD Ramenskaya.

TD Ramenskaya was part of Inteco then owned by Yelena Baturina, Russia’s richest woman and wife of Moscow ex-Mayor Yuri Luzhkov.

The Bank of Moscow granted a loan to Cyprus-based Premier Estate in 2009. TD Ramenskaya acted as the guarantor. The loan was set to be repaid in October 2015.

Prime News

Russia’s Bank of Moscow has failed to sell its 43.8% in Estonian bank Eesti Krediidipank to Swiss company RLS Finanse as the buyer had not been cleared by the Estonian regulator, Bank of Moscow’s CEO Mikhail Kuzovlev told reporters Thursday.

“The Swiss company has failed to meet part of the conditions of our contract, it did not receive an approval by Estonia’s regulator, and after that did not pay for this contract,” Kuzovlev said.

RAPSI

The Moscow Commercial Court has registered the Premier Estate company’s appeal against the court decision awarding the Bank of Moscow $468 million in its lawsuit against the appellant and TD Ramenskaya.

TD Ramenskaya was part of Inteco, formerly owned by Yelena Baturina, Russia’s richest woman and the wife of Moscow ex-Mayor Yuri Luzhkov.

The court held for the bank’s claim in full in February.

RAPSI

The Moscow Commercial Court has suspended on Thursday until May 21 its hearing of the Bank of Moscow’s $28.2 million lawsuit against the Millstream Black Sea Wines winery.

Earlier, the parties said they were negotiating the settlement. The bank said on Thursday that the parties need time to finalize debt restructuring issues. In this regard, the bank asked the court to suspend the case once again. The settlement is expected to be submitted to the court during the next hearing.

Switzerland’s law enforcement authorities have not submitted any applications to the Russian Foreign Ministry in the case of former Bank of Moscow head Andrei Borodin, RIA Novosti reported on Tuesday, citing a source in the ministry.

The media reported earlier that Switzerland suspects Borodin of money laundering and has already sent Russia a proposal to investigate possible financial crimes.
Borodin and his former deputy Dmitry Akulinin have been placed on the international wanted list on suspicion of committing crimes when they headed the Bank of Moscow.

The court issued arrest warrants for the both in absentia.

RAPSI

The Moscow Commercial Court will consider on May 12 two Bank of Moscow lawsuits to collect from Premier Estate and TD Ramenskaya almost $7 million in loan debt.

On Monday, the court held a preliminary hearing of the lawsuits over loans provided to TD Ramenskaya and guaranteed by Premier Estate.

RAPSI

Four lawsuits filed by former Bank of Moscow president Andrei Borodin have been transferred from the Tverskoy District Court to the Savyolovsky District Court in Moscow as previous defendant was replaced by the Kommersant newspaper, Borodin’s attorney Alexander Arutyunov told the Russian Legal Information Agency (RAPSI/rapsinews.ru) on Tuesday.