Yesterday, in an interview to Russian newspaper Moskovskiy Komsomolets, VTB chairman Andrey Kostin said that “the acquisition of the 46,48% stake in BoM by VTB from City of Moscow was in compliance with all the necessary laws in Russia”.
Mr. Kostin is either not familiar with the principles of the Russian legislation on joint stock companies, banks and banking activity and privatisation or he is a liar. There have been at least 4 serious breaches of law in the process of acquisition of the stake, held by the City of Moscow in Bank of Moscow, by VTB. This has already been mentioned on a number of occasions. This deal remains the subject of an arbitration dispute and we intend to contest its legality.