Tag Archives: bank of moscow

The Bank of Moscow, Running Dry

Hero journalist Yulia Latynina, writing in the Moscow Times:

While watching the Bank of Moscow scandal unfold, two questions come to mind. First, the Bank of Moscow held the accounts of Moscow’s city budget, and the deficit of the bank is now $14 billion. In essence this means that the city’s funds have been stolen from the bank. How did this happen?

The second question is whether VTB will file a lawsuit in London courts against former Bank of Moscow president Andrei Borodin. It appears that the goal is not to extradite him back to Russia but to put him behind bars in Britain.

Borodin somehow received 20 percent of the shares of the bank, but it is difficult to say whether he was an actual or nominal shareholder.

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