Scandalous loans to Mozambique
The last months of the Russian mass media wrote about the scandals related to the Bank VTB (bank with state capital, the Russian state owns 60, 93% stake). And Alexei Ulyukayev from June 25, 2015 holds the position of Chairman of the Supervisory Council of VTB Bank, as well as chairman of the Committee of the Bank's strategy and corporate governance.
Actually, the Investigative Committee and the FSB Ulyukayev suspected of taking a bribe of $ 2 million for the sale of "Bashneft '" in the right hands "in the face of the company" Rosneft ". Because it is a subsidiary of VTB - the investment bank VTB Capital, headed by the general director Alexey Yakovitsky - as a government consultant accompanied the sale of state-owned as to 50.1% of the shares "Bashneft". Therefore investigators TFR is now closely examine the details of the sale transaction, and most importantly, the role played by VTB top managers with Ulyukaev in this transaction.
Also scandalous privatization "Bashneft", for the period until Ulyukayev headed the supervisory board of VTB bank boomed as a decoy several scandals.
That there are just two high-profile scandal with the release of the loan VTB state companies from Mozambique. British "daughter» VTB Capital plc together Credit Suisse allocated 622 million US dollars the state company Proindicus Mozambique. Pursuit VTB issued independently of Mozambique Asset Management is another loan for $ 535 million, according to the official version - a project for the construction of shipyards in Mozambique.
Then in 2016 the top managers of Credit Suisse and VTB distributed in the amount of 727 million dollars sovereign bond Mozambique among private investors, without informing buyers aware of the Mozambican debt totaling more than a billion dollars. But the May 23, 2016 one of the debtors' VTB - a public corporation Mozambique Asset Management, responsible for the management of public financial commitments of Mozambique - did not pay interest on the loan in the amount of 178 million dollars. And Finance Minister Adrian Mayleyane officially announced in June 2016. Mozambique defaulted on the loan due to the inability to pay any interest or credit body.
As a result, the British regulator (Financial Conduct Authority, FCA) announced the start of testing in respect of Credit Suisse and VTB, accused of breaching the disclosure requirements of the legislation. FCA regulator began checking out the numerous complaints holders of sovereign bonds in Mozambique Actions VTB managers who have suffered huge losses in the millions of dollars, as after the declaration of default value of the securities fell sharply.
But the most important thing is that, despite the increase in the national debt by more than a billion and a blow to the image of the country because of an international scandal, Mozambique budget never saw the money. Because more than a billion dollars to Mozambique and have not reached, disappeared in the direction of offshore companies. Then, the IMF officials have accused the authorities of cheating because they are not informed about the presence of an external fund public debt amounting to more than a billion. As a result, IMF Managing Director Christine Lagarde has demanded an independent audit of all transactions to provide a loan to determine what role actually played by VTB and its top management in the whole history of corruption.
The criminal negligence or deliberate complicity
Compared to the 2 million dollars for the sale of "Bashneft", VTB management fraud when buying a Bulgarian operator Vivacom may cost the Russian state in the amount of over one billion US dollars. Businessman Dmitry Kosarev sent an open letter to Alexei Ulyukayev at the end of this summer, in which he asked the minister to pay attention to the machinations of VTB top managers who tried public funds to carry out raider seizure biggest Bulgarian operator Vivacom.
Kosarev also sent letters to members of the Supervisory Board of VTB, the head of the Accounting Chamber Tatyana Golikova, the head of the Central Bank Elvira Nabiullina and Minister Dmitry Medvedev. Oddly enough, but the Minister of Economic Development did not respond to a letter from the machinations of top managers of the bank entrusted to him. And then suddenly this development plot - November 15 Alexei Ulyukayev was detained on charges of bribe in the form of a US $ 2 million. Maybe the minister tried to "hush up" the ugly history with VTB and Prime Medvedev, acting without much publicity, connected to the investigation of fraud in VTB Investigative Committee and the FSB?
There is a version that a bribe of 2 million - is only a formal occasion. In fact, there is a possibility that the investigation to present a minister charged with embezzlement in the amount of several orders of magnitude higher. In particular, the scheme raider attacks Vivacom at the expense of the bank VTB - is not only a $ 390 million net loss. The scheme, organized by the top managers of VTB led by Yuri Solovyov threatens Russian budget total losses amounting to more than a billion dollars - if you count the amount of direct damage and claims from all affected parties. Why Ulyukayev, aware of suspicious transactions VTB top management, did not react to them, even after the open letter and mass media publications - an open question.
Games with the Criminal Code
Dmitry Kosarev - the only beneficiary company Empreno, the company owns LIC Telecommunications Sarl, which owns 43, 3% VIVACOM. The essence of the scandal, VTB top managers took a Bulgarian company Vivacom, using the bank's money from the state capital, is as follows:
- In 2016 the top managers of VTB nominees are registered shell company Viva Telecom (Luxembourg) SA, does not have any assets. Her real beneficiaries are themselves top managers VTB led by Yuri Soloviev (First Deputy President-Chairman of the Board of VTB Andrey Kostin);
- In 2016, VTB top managers headed by Yuri Solovyov give his own company from Luxembourg Viva Telecom (Luxembourg) SA a loan of 240 million euros for the purchase of shares of the Bulgarian operator Vivacom return previously issued loan of 150 million euros.
That is, in fact, the top managers of VTB led Solovyov issued new credit to themselves, because the company from Luxembourg - dummy, and its real owners - the employees themselves VTB. Yes, and take action Vivacom pledge they had no right because a lot of numerical arrests. However, it warned in an open letter to Dmitry Kosarev, in fact Soloviev & Co had the right to issue a new loan secured by the shares of the Bulgarian operator, because at the time the shares Vivacom were arrested by several courts as security for the trials.
In addition, the US Trustee Bank staff found that the managers of VTB cheated bondholders BTC (Bulgarian Telecommunication Company owned Vivacom brand). According to legal requirements, VTB in case of change of owner BTK had to give bondholders the information about the new owners of the company. But the US Trustee exposed the deception, saying that VTB managers provided them with false information, and therefore the bank has blocked the deal. In turn, the present owner in Vivacom Dmitry Kosarev face began loudly to attract public attention to the raider seizure of his assets.
"We find very unusual and obviously are outside the usual market practice that new credit is granted to a large amount (240 million euros) to return to the old loan for a smaller amount (150 million euros) with the same software (100% of the shares InterV and 100% stake in BTC). The quality of provision of a new loan, however, is much worse than the quality of the old loan, taking into account the above risks acceleration of debt under the Bonds and bankruptcy risks BTK "- so in an open letter informed Dmitry Kosarev Economic Development Minister Alexei Ulyukayev and other senior officials.
Second Wind for VTB case
"We can not explain this appetite for financial and legal risks of the Bank VTB nothing but self-interest managers responsible for the transaction with Vivacom», - to such conclusion the entrepreneur, having carefully studied all the nuances of business of VTB top managers were given He credits his own company for the purchase of the Bulgarian telecom brand.
Actually, today Dmitry Kosarev disputed structure a deal to sell a fictitious Vivacom in the courts of Bulgaria, the UK and Luxembourg, and the circumstances of allocation of credit for the purchase of the Bulgarian Prosecutor General's Office is investigating the operator. We can not say that the efforts of the Russian media, trying to pay attention to Ulyukayev and other ministers in the dubious deal VTB top managers have gone in vain. The first serious bells rang as early as October this year. The fact that the scandal involving the British branch of VTB became the reason of inspection activities of the bank by the British Office of Financial Regulation and Supervision. Then the top managers of VTB hastened to close the headquarters in London, calling as a formal reason Brexit.
And now the high-profile case Ulyukayev, which in any case will give a second wind throughout history, VTB top managers seized the biggest Bulgarian operator Vivacom behind the screen issuing fictitious loan at the expense of the Russian budget. Ulyukayev matter in any case affect the future activities of VTB, not least because it is so big deals could not pass unnoticed by the head of the bank's supervisory board. If the only consequence of not prove collusion between the management of the supervisory board and the top management of VTB.
As you can see, the machinations with the assessment of state-owned shares "Bashneft" - just one of the episodes of scandalous VTB operations in recent years, and the episode is not the largest. The investigating authorities are currently conducting a thorough check of activity Minister. So do not be surprised if tomorrow the UK and the FSB will conduct investigations in the bank VTB, which the head of the Supervisory Board is still Alexei Ulyukayev.
Especially, when at stake is more than a billion dollars of potential losses to the state budget. Therefore, its further operation Soloviev & Co will have to be under the scrutiny of the Investigative Committee and the FSB. Finally, judging by how seriously the Investigative Committee and the FSB set to work Ulyukayev, VTB will soon have to look for a new chairman of the Supervisory Board. And further development of the bank with state capital will depend on who will occupy this chair. Because changer Ulyukayev, who they would either become, have to start with clearing the Augean stables, inherited from its predecessor. And whether this can be done depends on the fate of VTB Bank.