Statement by Andrey Borodin

I must go on record in response to recent allegations of ‘criminal acts’ of which I am accused within Russian media. Again citing unnamed sources in the Interior Ministry of Russian Federation the reports purport to suggest that the Investigatory Department, which is apparently leading a preliminary investigation in to my actions while CEO of the Bank of Moscow is supposed to have alleged “virtually all loans were issued to Cyprus offshore companies,” and “instead of $63 million, which were present in the case earlier”, I and my colleagues, “may be (?) charged with the illegal issue of unsecured loans for more than $6 billion” (Kommersant, 29.08.2011). Continue reading

Statement by Andrey Borodin

Recent reports in the Russian media, in particular on the state TV channel First Channel, about the so-called problems in Bank of Moscow came as no surprise to me. We should wonder why these allegations are being repeated and why new threats are being made at this time. In my view the answer is simple: my legal team in Moscow recently has been persistently asking difficult questions about the missing funds apparently paid by VTB to the City of Moscow for the City’s 46.5% stake in Bank of Moscow. These are difficult questions for the Government to answer and rather than answer them maybe someone wants to distract the attention of the citizens of Russia from the fact that the funds have not appeared in the City’s accounts by making new unfounded allegations about the former management of Bank of Moscow. Continue reading