It soon will be half a year since the former president of Bank of Moscow Andrey Borodin was ousted out of the country through the use of all means of influence available to the state – ranging from the unprecedented persecution in the media to unwarranted initiation of a criminal case; while one of the leading Russian banks that he headed was taken over overnight in the most unfriendly way by the state-owned bank VTB. Why did this happen? The response of sceptics is simple: Borodin should not have run towards the high-speed train, he should not have confronted the state, even if the state is involved in raids, and you feel that you are right. Might makes right.
The story, which happened with the Bank of Moscow, is very simple. Following the resignation of Luzhkov a tasty piece of cake was left in sight, which the authorities decided to eat. Even if by violating the law. And they ate it, disregarding all the conventions. Who cares about the rights of minority shareholders? And why, for example, worry about the fact that, being by 85% a state structure, VTB simply had no legal right to participate in the privatization of Bank of Moscow, and the chosen privatization scheme through the Central Fuel Company was conducted with an obvious violation of law. What law is there to talk to about, when much in the country is still decided through a telephone call from above?
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