Battle for Bank of Moscow

Discussion in 'Europe' started by Casper, Apr 29, 2011.

  1. Casper
    Offline

    Casper Member

    Joined:
    Sep 6, 2010
    Messages:
    81
    Thanks Received:
    4
    Trophy Points:
    6
    Ratings:
    +5
    The replacement of senior Bank of Moscow executives was fairly predictable after the high-profile sacking of Moscow Mayor Yury Luzhkov. That’s the way “oligarchic capitalism” works; key companies were bound to have their executives replaced, at the very least.

    The way it was done wasn’t far out of the ordinary either: a criminal investigation combined with an aggressive PR campaign. Any sensible businessman should have read the writing on the wall and given up, unless they wanted to end up behind bars like Mikhail Khodorkovsky or, worse still, Sergei Magnitsky. There’s nothing new about the practice of selling a business at a ridiculous discount to obscure but clearly influential buyers. The best one can hope for is that they are properly registered, unlike Baikal Finans Group (the company that won a huge chunk of the disgraced Yukos), which was registered in “London” – a pub in Tver.


    Anyone with even a passing knowledge of the business developments in Russia in the past decade could hardly see the Bank of Moscow case as unique. A revival of corporate raiding is also out of the question because it never died out in the first place. What we are witnessing is rather the continuation and harmonious development of a long-standing government policy.

    The only difference is that Moscow eventually lost its bank. This is bound to affect the manageability of the city’s economy in the longer term. It is also unusual that state-controlled VTB, of all banks, should take it over. The two banks’ structures are almost identical, and many of their offices are located next-door to one another, making them natural rivals. This means that the takeover will result in VTB having twin units.

    Buying Bank of Moscow, especially at a discount, made sense for VTB, but only as a short-term acquisition. It allowed the buyer to cover its losses with the profits of its newly acquired asset. This dramatic improvement on VTB’s balance sheet will certainly boost VTB’s market capitalization and raise more money from its partial privatization.

    Full version of the article was originally published on www.valdaiclub.com
     
  2. editec
    Offline

    editec Mr. Forgot-it-All

    Joined:
    Jun 5, 2008
    Messages:
    41,427
    Thanks Received:
    5,598
    Trophy Points:
    48
    Location:
    Maine
    Ratings:
    +5,617
    Russia's corporatocracy isn't quite so refined as ours, yet.

    But essantially they're cut from the same bolt of fascist material
     
  3. waltky
    Offline

    waltky Wise ol' monkey Supporting Member

    Joined:
    Feb 6, 2011
    Messages:
    20,849
    Thanks Received:
    1,791
    Trophy Points:
    215
    Location:
    Okolona, KY
    Ratings:
    +3,881
    Seem to recall a PBS Frontline program about this case...
    :eusa_eh:
    Dead Russian whistleblower set to go on trial
    Jan 28,`13 -- Russia is preparing to put lawyer Sergei Magnitsky on trial, even though he is dead, in the latest twist in a case that has severely strained U.S.-Russian relations.
    See also:

    Medvedev: Lawyer's death won't affect business
    Jan 26,`13 -- Russian Prime Minister Dmitry Medvedev says the death of a whistle-blowing lawyer in prison will not adversely affect the country's business climate.
    Related:

    Magnitsky's mother thanks Obama for legislation
    Jan 25,`13 -- The mother of a whistle-blowing Russian lawyer who died in prison thanked President Barack Obama Friday for a U.S. law targeting Russian officials deemed to be human rights violators involved in her son's death.
     
    Last edited: Jan 28, 2013
  4. mememe
    Offline

    mememe BANNED

    Joined:
    Jun 12, 2009
    Messages:
    1,363
    Thanks Received:
    51
    Trophy Points:
    0
    Ratings:
    +51
    Magnitsky, an accountant, was making his living in “gray economy” of the 90-s. He was working for Bill Brauder who sat in high positions in few transnational corporations; among them – Solomon Brothers. Brauder was working in partnership with even bigger fish – Safra, -- a co-owner of the Republic National Bank of New York.

    In 1996 Brauder and Safra created an investment fund Hermitage Capital Management with Magnitsky as a high ranking employee.

    In the same year Yeltsun government controlled by Chubais issued Russian Treasury bonds – a pyramid scheme. Naive in the workings of capitalist realities Russians went for it.
    When the pyramid started to look shaky Chubais took out $4.8 billion IMF credit for “stabilisation purposes”. The following morning the pyramid collapsed. Tens of millions of Russian people lost their livelihoods.

    October of 1999 Italian newspaper “Republica”: “$4.8 billion were transferred from the Federal Reserve Bank of New York into the account 608550800 of the Republic National Bank of New York. Before the default on July 27 this account had $400 million; during the default the account grew to $21.5 billion; and on the 24 of August it had only $300 million. It is not known what happened to the rest of the money including $4.8 billion IMF credit”.

    What is known, is that instead of transferring IMF credit to Russia, Safra’s bank transferred the money to few banks outside of Russia through the Swiss Creditanstalt Bankverein... Btw., Berezovsky and Abramovich were also involved in this scheme – the grandest financial scheme of the century!

    FBI started an investigation. Safra panicked, began to cooperate, and was fried in his Monaco home.

    After Safra’s death, Brauder launched the second stage of his “investment” scheme: he began buying Russian assets the price of which plummeted below the waterline.

    Magnitsky as an accountant was working on this scheme.
    During the second phase of his financial operation Brauder came into conflict with other transnational corporations as well as local oligarchs-in-making who also were interested in getting their hands on Russia’s assets. As a result, Brauder had to move out of Russia leaving Magnitsky to clean up the books. He was arrested, started cooperating with the investigation and was murdered...

    In whose interests were the deaths of both Safra and Magnitsky?

    Until now UK refused to cooperate with Russia on the investigation of Bill Brauder...
     
  5. waltky
    Offline

    waltky Wise ol' monkey Supporting Member

    Joined:
    Feb 6, 2011
    Messages:
    20,849
    Thanks Received:
    1,791
    Trophy Points:
    215
    Location:
    Okolona, KY
    Ratings:
    +3,881
    meme...

    ... got a link for any of that info?...

    ... or is it just Russkie disinformation propaganda?
    :confused:
     
    Last edited: Jan 29, 2013
  6. mememe
    Offline

    mememe BANNED

    Joined:
    Jun 12, 2009
    Messages:
    1,363
    Thanks Received:
    51
    Trophy Points:
    0
    Ratings:
    +51
    The first mistake in Western account concerning Magnitski: Western media insist on calling him a "lawyer"; he was an accountant. If media can't get that simple fact right...

    Information I put together came from many sources and few investigations by Russian public figures (1990-s for Russia were too disastrous for people to simply forget them; Russians are trying to get to the bottom of it). If you know Russian, I can give you a link...

    Otherwise, do you research. the key points I provided, verify them; after all, FBI did have investigation into Safra activities. Then, there is Italian paper I named; it ran series of articles on the disappearance of the money. Look up the connection of the Swiss Creditanstalt Bankverein and the Republic National Bank of New York. And if you feel up for it, do a research on Chubais economic/financial reforms, Russian Treasury bonds of the 90-s and the disaster of a default...
     
    Last edited: Jan 29, 2013
  7. mememe
    Offline

    mememe BANNED

    Joined:
    Jun 12, 2009
    Messages:
    1,363
    Thanks Received:
    51
    Trophy Points:
    0
    Ratings:
    +51
    Browder tries to get out of taking part in court hearing.
     
  8. waltky
    Offline

    waltky Wise ol' monkey Supporting Member

    Joined:
    Feb 6, 2011
    Messages:
    20,849
    Thanks Received:
    1,791
    Trophy Points:
    215
    Location:
    Okolona, KY
    Ratings:
    +3,881
    Granny says, "Dat's right - tell ol' Putin to blow it out his ear...
    :tongue:
    Russia Warns US Not to Publish List of Alleged Human Rights Abusers
    April 12, 2013 - Moscow has warned Washington against publishing a list of Russian officials who face sanctions for alleged human rights abuses.
    See also:

    US publishes Magnitsky list of sanctioned Russians
    12 April 2013 - The United States has published a list of mainly Russian officials banned from entering the country because of alleged human rights abuses.
     
  9. blackcherry
    Offline

    blackcherry BANNED

    Joined:
    Feb 28, 2013
    Messages:
    269
    Thanks Received:
    23
    Trophy Points:
    0
    Ratings:
    +23
    I have never read such an inane FSB rant for a long time .
    Not one fact of relevance and a series of stupid lies .
    I think you had better get your bosses to issue you with a slightly better thought out defence .
    The Kremlin was dipping its sticky hands into the honey jar and they were caught thieving.
    Our saying is , "they are banged to rights " .
    The fact that the Kremlin ( Putin the psycho Dwarf) now wants to prosecute a dead man tells you a great deal about this nasty piece of FSB work and the type of filthy world they live in .
     
  10. waltky
    Offline

    waltky Wise ol' monkey Supporting Member

    Joined:
    Feb 6, 2011
    Messages:
    20,849
    Thanks Received:
    1,791
    Trophy Points:
    215
    Location:
    Okolona, KY
    Ratings:
    +3,881
    Granny says, "Hrmph - buncha pansies - who needs `em...
    :tongue:
    Russia responds in kind to US Magnitsky list
    13 April 2013 - Russia has published a list of 18 US officials barred from the country, in response to a similar US list published by the US Treasury on Friday.
    See also:

    Russia bans 18 Americans after similar US move
    Apr 13,`13 -- Russia on Saturday banned 18 Americans from entering the country in response to Washington imposing sanctions on 18 Russians for alleged human rights violations.
     

Share This Page