Statement by A.Borodin’s Defense

The defense of A. Borodin has recently received an expert opinion commissioned by the Ministry of Internal Affairs of Russia within the framework of the criminal case on the Premier Estate loan, in which our client is a defendant. The document once again confirms that the credit agreement signed in 2009 complied with all the requirements for the collateral set by the Bank of Moscow, and in return for cash the bank received adequate security in the form of land of equivalent value.

In particular, in the expert assessment (commissioned by the Ministry of Internal Affairs) the mortgaged land is valued at more than 11 billion rubles, whereas the amount of credit is 12.76 billion rubles. At the same time, the investigators were provisioned with alternative expert opinions which were commissioned by the Bank of Moscow before granting the loan (including the assessment of one of the world largest property audit companies – Colliers). All these documents value the land much higher – more than 14 billion rubles.

Of course, a discrepancy in assessment is possible because there are no clearly defined criteria and/or same tools. One thing is clear – the spread of estimated collateral value is minor and corresponds to the size of the loan issued.

Moreover, the development of the project scheduled to be conducted at the mortgaged land (obtaining permits, project documentation, etc.), which was included in the plan and carried out by JSC Premier Estate for eighteen months after the issuance of the loan, only increased the cost of the land. Obviously, an opening of a criminal case, the prosecution of the executives in the bank, KMD and Premier Estate, the termination of funding, etc. made it impossible for the normal continuation of the project which however did not lead to a decrease in the value of land, as is evident from the latest assessment.

Why Britain Has Granted Asylum to Banker Borodin

BBC Russian Service

The British Home Office denies political asylum to 99 per cent of the seekers, BBC lawyers say; therefore, Andrei Borodin had to produce solid proofs of his having been pressured politically in Russia.

It became known on Friday that Andrei Borodin, former head of the Bank of Moscow, had received political asylum in Great Britain. Earlier, the British office would deny that and Borodin himself would refuse to comment on his status. Continue reading

Statement by Andrey Borodin

I welcome the British Government’s decision to grant me political asylum. I have always maintained that the allegation made against me and the charges brought by the Russian Federation are without foundation and are politically motivated. I am reassured that the British Government in granting me refugee status have recognised that the criminal charges levelled against me by the Russian authorities are baseless and without merit.