The history of “leading” bank

Discussion in 'Current Events' started by areniy1978, Nov 27, 2012.

  1. areniy1978

    areniy1978 Rookie

    Nov 27, 2012
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    Reading the news in leading publications of Uzbekistan one can automatically pay attention to the materials concerning fantastic stability and reliability of finance and the banking system. Special consideration is given to the activity of Ipak Yuli, Public Joints Stock Mortgage Credit Bank.
    Resounding slogans about the contribution of this financial organization to the country banking system development, rising private sector of economy to a new level, concern about wellbeing and prosperity of the people really make pleasant impression. But is it true? Does the activity of Ipak Yuli look so “attractive” in real? It has turned out that it is not. There was held not just a superficial analysis but deep and scrupulous journalistic investigation.
    The reference point of the bank history is 23rd of April 1990. At that time it was being created as a full service share bank and obtained the license of USSR State Bank to provide banking operation.
    On October 1991 it obtained the General license №2 that gave the right to carry out transactions in foreign currency and began an active work on expansion of contacts with subsidiary companies of foreign economic activity and foreign banks. At that time the bank was led by Rustam Azimov, a current first Vice-Premier of Uzbekistan.
    The bank positioned itself as a commercial organization with real opportunities and without protection of so called “tough guys”.
    A number of changes in bank personnel system had been occurred from that time: people changed; particularly distinguished ones were promoted by career ladder, the access to the sizeable budgetary funds was opened, and consequently big opportunities appeared.
    But hard times for the bank came in 2003-2004. Practically the access to the budgetary funds was cut off. It was linked with the fact that Rustam Azimov, then the Minister of Finance, was removed and appointed as a leader of the Department of Economic Affairs. As a result, urgently the bank became in need of stronger sponsors and in terms of that the shareholders and old patrons like Rustam Azimov decided to make a deal with the criminal person “Graph” – Gafur Rakhimov.
    Being a criminal authority and a Russian citizen, “Graph” was included into the list of the leaders of Europe and North America transnational organized crime. He was announced as persona non grata in those countries and had no right to enter there.
    After a “successful” deal, “Graph” became an owner of the bank’s 20% of shares, took it under his protection and began to lobby the bank interests in the government of Uzbekistan.
    Thereby, the image of the bank was “damaged” in foreign partners’ eyes; and in turn they deprived it of large-scale resources.
    Taking into account a current moving of Rakhimov to Moscow and his changing the citizenship, may be the bank will have new opportunities, new contacts, so far as current shareholders-patrons have contacts in Moscow, very close in deed. The shares of AOKSPLUSBUSINESS LLC in the amount of 10*000 shares that equals 4% which is under Rakhimov’s control still remain.
    It is known that Rakhimov made a statement in his surrounding that he was admitted to Russian citizenship (in spite of international law enforcement agencies sanctions) with the help of Ilkhom Shokirov, who is a father of the son-in-law to Rustam Asimov, a partner and a friend of Igor Sechin, a former Russian deputy prime-minister and current President of Rossneft, National Company.
    According to the experts’ opinion Azimov made it in order to hide Rakhimov from the law enforcement agencies, because if Rakhimov would be detained he could tell a lot of “interesting things” about the bank’s major shareholders and their patrons.
    After some time, the shareholders-patrons activities went up, because the different funds with large-scale resources had been established in the structure of Ministry of Finance. A majority of them were the main clients of Ipak Yuli Bank.
    So the time came to restore the image that had been soiled in foreign partners’ eyes and to minimize the effects of a “black” deal. There was a necessity to increase bank capitalization in order to “wash away” Graph’s part.
    Using “long arms” of shareholders-patrons reliable state companies and organizations were involved into their structure. Uzbekinvest, Kafolat and Uzagrosugurta were among them.
    Large scale budgetary resources had been “turned” through the bank; foreign banks began to open access to their resources through the credit line. According to some estimates nowadays the bank assets are nearly 1 billion Uzbek sums.
    Moreover, according to the tabloids even Asian Development Bank (ADB) decided to be included into the bank’s shareholders membership. Of course, because the bank activity is going well and there is enough of capitalization level stock (with the help of budgetary resources). But there is a question: why does it urgently need more money?
    The answer is simple: “Appetite comes with eating”. It is not enough for bank just to control the lion’s share of budgetary money flow, it wants more – to control foreign line of credits opened by ADB. As you know it is a glut of wealth.
    However, it was all very nice on paper. So, from the reliable sources it was succeeded to find out that nowadays the law enforcement agencies of Uzbekistan instituted a proceeding on facts of machinations in credit and insurance sphere, illegal cashing and money laundering in Ipak Yuli Bank. It is possible that ADB leaders do not know about that.
    According to the informed persons, the law agencies are investigating the criminal case against Alfa Invest, the Insurance Company, the one of the subsidiary companies of Ipak Yuli, PJSMCB. The real owner of this company is Rustam Rakhimbekov’s family, the chairman of Ipak Yuli Bank.
    Using his position Rakhimbekov constrained the personnel and clients of the bank to make insurance contracts only with the mentioned insurance company. There was no other way. It is a market economy, a law of life – there is nothing to be done!
    It is appeared that it was not only market economy but criminal economy too. In the result, nowadays Alfa Invest officials were incriminated to misappropriation, cheating, legalization of criminal incomes, official forgery and others. They do not deny it.
    Making a sum, there is a question arises: why exactly the financial structure described above appeared in ADB’s fields of view when there is a lot of another more perspective and reliable banks except Ipak Yuli Bank in financial services market of Uzbekistan.
    We will not suggest comments or give our versions. We talk just about facts. Over the rest the reader, if he needs, will think over himself.

    Arseniy Dolgov

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