“I was told: take what we are offering you, or there will be problems”. Andrey Borodin – The New Times

The New Times

Andrey Borodin gave an interview to The New Times. In the interview, he said that stories about the poor state of Bank of Moscow are simply an attempt to discredit the former owners of the bank and to hide the traces of theft, which is taking place at the bank right now. According to Andrey Borodin, the hole in the Bank of Moscow balance sheet was artificially created by the VTB management in order to receive state aid for VTB’s own needs.

Read The New Times interview with Andrey Borodin in Russian here.

Paris fails the European test

In the wake of London’s decision to block tighter fiscal integration in the European Union, French officials have launched a series of attacks on the British economy. Christian Noyer, the chairman of the French central bank, insisted that the UK had “more deficits, as much debt, more inflation, less growth than us”. Finance minister Francois Baroin followed this up by commenting: “The economic situation in Britain today is very worrying”. What triggered these statements was not fraternal concern for the UK’s economic health but rather anger at British opposition to the euro rescue deal and the threatened downgrade of France’s credit rating. Continue reading


The office of the Moscow Prosecutor has granted a complaint by Andrei Borodin’s attorney Mikhail Dolomanov. The complaint appealed a decision by the Main Department of Russia’s Interior Ministry for the city of Moscow to refuse to commence criminal proceedings to investigate the failure by the budget to receive proceeds from the sale of OJSC Bank of Moscow and OJSC Capital City Insurance Group shares once owned by the Government of Moscow. Continue reading

Brussels shuts the stable door

On 9 December, most members of the European Union reached an agreement designed to secure the long-term future of the single currency. All 17 members of the Eurozone agreed to the new deal, as did six non-Eurozone EU member states. There will now be binding limits on spending and borrowing, forcing the harmonisation of fiscal policy. Budget deficits of more than 3% of GDP will trigger punitive sanctions.

However, British prime minister David Cameroon refused to accept some of the planned financial services’ regulations. The UK delegation therefore used its veto to prevent the introduction of a full-blown EU treaty, thereby guaranteeing its opt out. As a result, the agreement will be implemented on an inter-governmental basis. On the positive side, this should enable the settlement to be implemented much more quickly, without the need for national consultation in most states. Continue reading

BoM expects net profit to go up


RBC, 08.12.2011, Moscow 15:59:07.The Bank of Moscow’s (BoM) net profit is expected to reach RUB 15bn (approx. USD 481.5m) in 2011, Herbert Moos, CFO at VTB, a state-owned bank which took over BoM in September 2011, told reporters.

BoM reported a RUB 12bn (approx. USD 385.2m) profit in Q3 2011, and expects to generate a RUB 3bn (approx. USD 96.3m) profit in Q4, Moos said.

In January-October 2011, BoM’s RAS net profit dropped 2.4-fold year-on-year to RUB 4.1bn (approx. USD 131.6m).

“Investigators are actively putting pressure and forcing to testify.” Andrey Borodin told “Gazeta.ru” about Medvedev’s and Kudrin’s role in the sale of Bank of Moscow


An online interview with Andrey Borodin has finished on the website of Gazeta.ru The former head of Bank of Moscow, who has been placed on the international search list,  spoke about the role of the former Finance Minister Alexey Kudrin in the deal with VTB and the preparation of the criminal case in relation to Investlesprom. Borodin is confident that Bank of Moscow will become a “municipal structure with no future prospects.”

Read online interview with Andrey Borodin here.

Powering economic growth

International investors have long taken the view that economic growth and energy consumption go hand in hand. More rapid growth is considered to be dependent on access to energy resources; figures from the past 200 years bear this out. Levels of economic growth were closely correlated with those for coal consumption for the period 1800-1950 and with oil consumption for the decades since then. As a result, the construction of dozens of new coal-fired power plants in China is regarded as a sign of that country’s economic prowess. Similarly, the development of large hydro schemes in Brazil and gas-fired plants in India is given as evidence of optimism in the world’s biggest emerging markets. Continue reading

Complaint Submitted by Andrey Borodins Defence

Attn: Lieutenant-General (Police) V.V. Kozhokar,

Head, Investigative Department, RF Interior Ministry

[from] attorneys

M.S. Dolomanov

Law firm «Dolomanov and Partners»,

14/17 Pokrovsky Blvd., Bldg. 1, Suite 9, Moscow, 101000

V.N. Krasnov

Law firm «Gauf and Partners»

7 B. Strochenovsky Lane, Moscow, 115054

D.V. Kharitonov

Law firm «Gridnev and Partners»

1 Golutvinsky Lane, Domus Business center, Suite 9, Moscow, 119180

In defense of A.F. Borodin


(as per Art. 124 of the RF CCP)

On September 29, 2011, the head of the investigative group handling criminal case №89816 issued an order to indict A.F. Borodin as a defendant whereby he was charged with committing the crime contemplated in part 4, Art. 159 of the RF CC.
We will show below that charging A.F. Borodin with committing fraud is knowingly false, whereas the order to indict him as a defendant (subsequently, “the Indictment”) is inconsistent with the provisions of part 4, Art. 7 and Art. 171 of the RF CCP. In particular, it fails to describe properly circumstances subject to proof due to the rules contained in paragraphs1-4, Art. 73 of the RF CCP, which significantly infringes on the right to defense and, therefore, evidences a violation of guarantees afforded A.F. Borodin [under] Art. 46 (part 1), Art. 48 (part 1) of the RF Constitution, Art. 11 of the RF CCP. Continue reading