Russian “fishing” could hurt Cyprus reputation

Financial Mirror

Will the Attorney General betray confidentiality?

Russian investors and local business service providers are growing increasingly worried that Cyprus’ eagerness to satisfy the Kremlin’s demands for lifting of confidentiality in exchange for a multi-billion euro bailout could jeopardise the island’s reputation as a leading financial services centre.

Recent developments involving Russian-interest companies in Cyprus and the authorities’ willingness to hand over confidential information about shareholders, directors and their assets to the government in Moscow suggest that the current administration’s relations with the Kremlin are much closer than anticipated. Continue reading

Bank of Moscow Former President Andrei Borodin: “Russian authorities announced a year ago they knew where I was. Why would they need to look for me?”

By Natalya Golitsyna

Interpol general secretariat has issued a Red Notice for Andrei Borodin, former president of the Bank of Moscow currently residing in London, which means that the wanted person is suspected of having committed an especially grave crime. In late 2010 the General Prosecutor’s Office opened a criminal case against Andrei Borodin and his former senior deputy Dmitry Akulinin suspecting fraud in the amount of more than 12 billion roubles.

Interpol’s Red Notice gives member countries of this international organization the right to take measures to detain and arrest the subject. What does Andrei Borodin himself think about the investigation? Radio Liberty correspondent in London has met with him. Continue reading

Andrei Borodin’s original answers to Vedomosti questions

Q 1. Why do you think you have been listed among the most dangerous criminals?

A.: As I have been saying in my previous interviews, in reality, government financial assistance was provided to the VTB Group, which had taken over the Bank of Moscow, not to the Bank of Moscow itself. The Bank of Moscow was in a good financial condition and did not need financial rehabilitation. Serious buyers, independent from the state, had been interested in buying a stake in the bank. But the special operation of its takeover implied a distortion of the real state of affairs, for the VTB raiders to be able to pocket not only the fifth-largest bank, but also 295 billion of government assistance free of charge. Do you think VTB wants to recognize that publicly? And if it does not, then it needs a covering operation: the bank was allegedly embezzled and the principal villains were my colleagues and partners and I.

VTB representatives act proceeding from the assumption that somebody has to be held accountable for the government money taken; if they recognize everything and accept the assets at their just value, then they will have police interrogations in store for them. And self comes first. Continue reading