Bank of Moscow’s $28 mln lawsuit against wineries suspended until May 21


The Moscow Commercial Court has suspended on Thursday until May 21 its hearing of the Bank of Moscow’s $28.2 million lawsuit against the Millstream Black Sea Wines winery.

Earlier, the parties said they were negotiating the settlement. The bank said on Thursday that the parties need time to finalize debt restructuring issues. In this regard, the bank asked the court to suspend the case once again. The settlement is expected to be submitted to the court during the next hearing. Continue reading

Developer appeals $468 mln award to Bank of Moscow in fraud case


The Moscow Commercial Court has registered the Premier Estate company’s appeal against the court decision awarding the Bank of Moscow $468 million in its lawsuit against the appellant and TD Ramenskaya.

TD Ramenskaya was part of Inteco, formerly owned by Yelena Baturina, Russia’s richest woman and the wife of Moscow ex-Mayor Yuri Luzhkov.

The court held for the bank’s claim in full in February. Continue reading

Swiss authorities take no interest in former Bank of Moscow head

Switzerland’s law enforcement authorities have not submitted any applications to the Russian Foreign Ministry in the case of former Bank of Moscow head Andrei Borodin, RIA Novosti reported on Tuesday, citing a source in the ministry.

The media reported earlier that Switzerland suspects Borodin of money laundering and has already sent Russia a proposal to investigate possible financial crimes.
Borodin and his former deputy Dmitry Akulinin have been placed on the international wanted list on suspicion of committing crimes when they headed the Bank of Moscow.

The court issued arrest warrants for the both in absentia. Continue reading

Fugitive Bank of Moscow ex-president sues major newspaper for defamation


Four lawsuits filed by former Bank of Moscow president Andrei Borodin have been transferred from the Tverskoy District Court to the Savyolovsky District Court in Moscow as previous defendant was replaced by the Kommersant newspaper, Borodin’s attorney Alexander Arutyunov told the Russian Legal Information Agency (RAPSI/ on Tuesday. Continue reading

Moody’s to cut Russia’s VTB if asset quality, liquidity falls

Prime News

Moody’s international ratings agency believes that the deposit and debt ratings of Russia’s state-controlled VTB Bank could be decreased, if capitalization, asset quality and liquidity worsen, according to the agency’s provisional survey released late Monday.

The bank’s ratings could also be decreased if the government cuts its holding, which could lead to a drop in the level of state financial aid, the agency also said. Continue reading

Suspicions roused over VTB ‘deal’

The Moscow News

There is no doubt that the deal makes little economic sense for VTB, which is still recovering from a messy takeover of Bank of Moscow last year, and just last week asked the Central Bank for a boost in liquidity.

“From VTB’s point of view it would be a strange acquisition at this point,” said Ivan Kachkovsky, a banking analyst at Aton brokerage. “The bank is very large, and VTB would need a lot of capital to satisfy revaluations after acquiring such a large bank. There’s no obvious economic rationale behind it.” Continue reading