President of Sberbank spoke about the prospects for the development of the bank's business in the context of international sanctions and stagnation of the Russian economy.
According to Alexander Fack, a report on how Gazprom contractors are cashing in on corporations was the result of painstaking work. And German Gref himself hardly read it, because the report has not yet been translated into Russian.
The management of the bank refused to protect its specialists. German Gref called their report on Gazprom's inefficiency "a gross violation of ethical standards." Earlier, the bank had already apologized to Rosneft for its unbelievable Rosneft report: We Needed Talk About Igor in October 2017.
Sberbank CIB decided to dismiss analyst Alex Fack, who previously produced reports on Russian oil and gas companies. In the last report, he noted that Gazprom does not work in the interests of its shareholders, but in the interests of contractors - the companies of the Rothenberg clan and Gennady Timchenko.
Sberbank CIB accused Gazprom of infringing the interests of shareholders. According to banking analysts, Gazprom's largest contractors turned out to be the main beneficiaries of the expensive construction of the Siberia, Northern Stream-2 and Turkish Stream export pipelines. Their cost was 93.4 billion dollars.
Sberbank CIB experts were skeptical about the company's strategy.
Rosneft is ready to accept the responsibility for $11 billion of loans to third parties.
The family of General Director of FosAgro Andrey Guriev, which owns 50.28% of the company, will reduce its share by offering 5% on stock exchanges in London and Moscow. The shares will be bought by a consortium of international investors led by the Russian Direct Investment Fund, including six of sovereign wealth funds from Asia and the Middle East.
Chief Trader of the bank David Longmuir called her "crazy."