Sale of city stake in Bank of Moscow to VTB through CFC challenged in court

Interfax

The transactions involving the transfer of the Russian capital’s stake in Bank of Moscow (RTS: MMBM) to OJSC Central Fuel Company and its subsequent sale to state bank VTB (RTS: VTBR) are being challenged in court.

VTB became aware of the lawsuit in July, and a preliminary hearing of the case is scheduled for August 20, VTB said in a memorandum for its upcoming offering of perpetual bonds, obtained by Interfax. VTB said it intends to resolutely defend its interests.

The lawsuit challenging the transactions was filed with the Moscow Arbitration Court on May 5 by Sergei Devyatov, and proceedings were initiated on July 3. The substance of the claims is not disclosed in public court documents. The defendants in the case are VTB, the Moscow Property Department and CFC. Continue reading

Russia’s Bank of Moscow denies offshore firm repaid $3 bln debt

Prime News

Russia’s Bank of Moscow has denied receiving U.S. $3 billion in debt payment from Oneworld, the managing company of the bank’s former top management, a bank representative told PRIME Wednesday.

“The Bank of Moscow has not received any duly formalized assets from this company or from any individuals affiliated with it. Non-resident companies’ liabilities with the Bank of Moscow -extended earlier as credits – have yet to be repaid,” the representative said. Continue reading

The Moscow Times Police Search Office of Realtor Inkom

The Moscow Times

Police on Thursday searched the central office of real estate firm Inkom in connection with an investigation into the theft of 550 million rubles ($17 million) at formerly city-owned Bank of Moscow.

Uniformed officers armed with submachine guns arrived at the Moscow office Thursday morning in search of documents linked to ”an employee of the company,” Konstantin Popov, formerly head of Bank of Moscow’s audit committee, Inkom Real Estate spokesman Anton Gololobov told Interfax. Continue reading