As it turned out, after inspection of auditors under the guidance of Tatiana Golikova, VEB has become a "trash hole", according to the auditors themselves. This word refers to the 2010-2017 management data. Only this year Vnesheconombank must fulfill obligations to creditors for 250 billion. This is despite the fact that the bank receives every year 150 billion rubles of state aid. VEB's loan portfolio amounts to 2 trillion rubles.
Such a sum was formed not only because of the "insane" investment projects, but also largely due to embezzlement. For example, "the proportion of contracts concluded in a non-competitive manner, ranged from 80.5% in 2012 to 66.9% in 2015".
The concept of "VEB engineering" should also be mentioned. Parent Bank enters into a contract with its entity to "develop the methodology of environmental and social assessment of investment projects" for 7.2 million rubles, and the subsidiary company just gives that project to the EY office for 3.2 million rubles. As a result, 4 million rubles are actually grabbed by the management.
Interestingly, both VEB manages the subsidies from the state. So, on deposit structure it was 4.9 billion rubles, which bring their own interest. Recall the adoption in 2007 of the Law "On Bank for Development" Vnesheconombank's main focus of activity is: "The financing of large investment projects, which, for one reason or another can not be realized at the expense of commercial banks." The management of the bank money on deposit "folds"!
VEB's monkey business
After large-scale fraud during the former head of the bank, Vladimir Dmitriev, the Kremlin decided to replace Dmitriev by Sergey Gorkov. The order was signed on February 26, 2016, by Vladimir Putin personally. However, the level of corruption has not really decreased.
So, in December last year, VEB decided to get rid of its long-suffering subsidiaries: Globex and Svyaz-Bank. But Mr. Gorkov seems to be unwilling to return 212 billion rubles provided by the Central Bank. The management wants to reorganize the money allocated by the Central Bank as a perpetual subordinated loan.
"This can only be if we sell the banks. It is a form of the subordinated loan, i.e. it is not a debt, not capital, but such a special form, which is equal to the capital," said Nikolay Tsekhomskiy, the first deputy chairman of Vnesheconombank.
In other words, the deterioration of the situation in subsidiaries will provide an opportunity to write off the debt.
"This subordinated debt may be written off if the statutory N1.1 core capital falls below a certain level. Moreover, this value can be set above the minimum value of 4.5% for commercial banks," the expert of Fitch Ratings analytical group on financial organization, Anton Lopatin, confirms the worries.
The decrease occurred on December 12, 2016. Then, Standard & Poor's Global Ratings downgraded the long-term credit rating of the Globex bank counterpart to B + from BB- (unfavorable economic conditions may adversely affect the possibility of payments). In other words, it's done.
We should regall, that Gorkov said earlier: "What is important, we've made a new strategy in record time. It proved to be quite unique, because even McKenzie admitted that it wanted to use our case for other development banks. Generally, I think this year we will be able to build up the basic processes, in 2017 to set the bank on the normal course of work, and in 2018 to start making profit."
If this profit will be built on the dubious machinations and damage to the Central Bank, do we actually need profitable VEB?
Recall that in March 2016 the deputy chairman of VEB. the right hand of Vladimir Dmitriev, Anatoly Ballo was dismissed. Thus, Vneshtorgbank under Dmitriev and Ballo through VEB-Invest bought property belonging to Globex for 80 billion rubles. Since 2009, the deputy chairman of VEB Anatoly Ballo was a member of Globex's board of directors! Perhaps Gorkov decided to cover up his predecessors, without accounting for the expenditures to the Central Bank. Otherwise it would be difficult to explain the actions of the current head of VEB. But who will give the money allocated for rehabilitation? And will the Central Bank have to give more credits to the new owners of Globex?
Note that Mr. Ballo is suspected of stealing credit funds of the bank in the amount of 14 million dollars! According to one version of the investigation. Ballo and top managers of Eurasia Bank (subsidiary of VEB), Alexander Lagutin, made up a plot with the ex-deputy minister Stanislav Svetlitsky. They are suspect of making up a plot
aimed at stealing money belonging to the company "Eurasia" before March 2008.
Allegedly there was a contract for "purchase and sale of shares in the authorized capital of Yugvodokanal and the transaction was approved by the Board of Directors of Eurasian Bank. Only that the actual owner of the company turned out to be an offshore company! Note that the transaction was approved by the credit committee of VEB and personally the chairman of the state corporation Vladimir Dmitriev!
If Gorkov's task is to "drain off" the subsidiaries, which received VEB loans, thereby causing damage to the central bank, such management is questionable. It is unlikely that such a strategy will be able to deal with "trash hole", which owes 2 trillion rubles.