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…)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.
(more…)Bank of Moscow swings 5.1 bln rubles RAS net profit in 2011
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.
(more…)Bank of Moscow 2011 overdues jump to 169 bln rbl from 28 bln rbl
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.
(more…)Pussy Riot members must stay in jail
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.